Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 21 Nov 2019 00:29GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
1.1071

55 HR EMA
1.1068

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
1.1140 - Nov 05 high
1.1113 - Nov 05 Asian low (now sup)
1.1093 - Nov 06 high

Support
1.1054 - Y'day's low
1.1015 - Last Fri's low
1.0990 - Last Thur's 1-month low

EUR/USD - 1.1078.. Although euro came under selling pressure initially y'day n fell fm 1.1081 (AUS) to 1.1054 at NY open, renewed buying emerged there n price rebounded to 1.1081 again in NY on usd's broad-based weakness.

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 suggests temporary low has been made as this lvl was also accompanied by 'bullish convergences' on hourly indicators. Having said that, euro's selloff to 1.0990 last week signals 1st leg of correction has ended n may head back to 1.0968, only a daily close below there n risk weakness twd 1.0880. On the upside, abv 1.1113 needed to indicate pullback has ended n yield 1.1179, break, 1.1249.

Today, euro's rally to 1.1090 on Mon suggests early decline fm Oct's 2- month peak at 1.1179 has made a low at 1.0990 last week n despite y'day's gain to 1.1081, 'bearish divergences' on hourly indicators should cap price at 1.11 40. Below 1.1054 signals correction fm 1.0990 possibly over, yields 1.1015.

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.1116
2. R2 1.11
3. R1 1.1087
PP 1.107
1. S1 1.1057
2. S2 1.104
3. S3 1.1027

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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