Daily Technical Outlook on Major - EUR/USD

    DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 08 Nov 2019 00:18GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
1.1057

55 HR EMA
1.1072

Trend Hourly Chart
Down

Hourly Indicators
Bullish convergences

13 HR RSI
40

14 HR DMI
-ve

Daily Analysis
One more fall b4 rebound

Resistance
1.1140 - Tue's high
1.1140 - Tue's high
1.1093 - Wed's high

Support
1.1037 - Y'day's low
1.1023 - Oct 16 low
1.0992 - Oct 15 low

EUR/USD - 1.1049.. Euro swung wildly in hectic trading on Thur. Despite extending recent fall to a 3-week low of 1.1055 in Asia, price rebound to 1.1091 in European morning but only to tumble to 1.1037 in NY session.

On the bigger picture, euro resumed its LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018. Despite subsequent selloff to 1.1216 in Nov 2018, then to a fresh 28-month bottom at 1.0880 on 1st day in Oct, euro's strg rebound n rally abv Sep's 1.1109 top to 1.1179 in Oct has violated MT series of lower lows n lower highs. Euro's retreat to 1.1074 signals 1st leg of correction has ended n Tue's break below there signals decline fm 1.1179 to retrace upmove fm 1.0880 remains in foce n would head to next chart obj. at 1.0992, however, only a weekly close below there would head twd 1.0880 later this month. On the upside, abv 1.1079 yields 1.1249 n possibly twd 1.1412.

Today, despite resumption of decline fm Oct's 1.1179 high to a 3-week low of 1.1037, as this lvl was accompanied by 'bullish convergences' on hourly indica tors, reckon sup at 1.0992 should contain weakness n bring rebound. A daily close abv 1.1093 would be the 1st signal low is made n head back twd 1.1140.