Daily Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

DAILY EUR/USD TECHNICAL OUTLOOK

Trend Daily Chart
Sideways

Daily Indicators
Bearish divergences

21 HR EMA
1.1123

55 HR EMA
1.1132

Trend Hourly Chart
Down

Hourly Indicators
Falling

13 HR RSI
40

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.1199 - Last Fri's 6-month high (AUS)
1.1175 - This week's high (Tue)
1.1158 - Mon's high

Support
1.1111 - Y'day's low
1.1071 - Last Wed's low
1.1041 - Dec 06 low

EUR/USD - 1.1116.. Euro remained on the back foot in Wed's session. Price met renewed selling at 1.1154 (AUS) n fell to 1.1127 in Europe. Despite recovery to 1.1142, price resumed intra-day fall to session lows of 1.1111 in NY.

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 euro has risen abv 1.1179 to a 4-month peak of 1.1199 last Fri, suggesting said upmove fm 1.0880 would head to 1.1249 (Aug high), however, 'bearish divergences' on daily indicators should cap price at 1.1281 (100% proj. of 1.0880-1.1179 measured fm 1.0982). On the downside, below 1.1041 signals MT rise has made a top n risks retracement twd 1.0982.

Today, euro's selloff fm a 4-month peak of 1.1199 to 1.1112 last Fri, then intra-day break there confirms MT rise fm 2019 bottom at 1.0880 (Oct) has made a temp. top n consolidation with downside bias remains for weakness to 1.10 60/70, o/sold readings on hourly oscillators should keep price abv 1.1041.

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

1. R3 1.1192
2. R2 1.1174
3. R1 1.1147
PP 1.1128
1. S1 1.1101
2. S2 1.1083
3. S3 1.1056

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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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