Daily Technical Outlook on Major - EUR/USD

    DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 16 Jan 2020 01:14GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning down

21 HR EMA
1.1146

55 HR EMA
1.1137

Trend Hourly Chart
Near term up

Hourly Indicators
Turning down

13 HR RSI
62

14 HR DMI
+ve

Daily Analysis
One more rise b4 retreat

Resistance
1.1239 - Dec's 4-1/2 month high (31st)
1.1206 - Last week's high (Mon)
1.1168 - Last Wed's high

Support
1.1086 - Last week's low (Fri)
1.1067 - Dec 20 low
1.1041 - Dec 06 low

EUR/USD - 1.1154.. Although euro retreat fm 1.1136 to 1.1119 in European morning y'day' renewed buying emerged n lifted price, the pair later resumed this week's rise n climbed to 1.1163 in NY morning b4 retreating to 1.1144.

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 sell 1st day off to 1.1216 in Nov 2018, then to a fresh 28-month bottom at 1.0880 in Oct 2019, euro's rally to a 4-1/2 month peak of 1.1239 in Dec suggests low has been made n may head to 1.1249 (Aug high), break would encourage for further headway twd 1.1347 (50% r fm 1.1815-1.0880) in late Feb/Mar. Having said that, euro's fall fm 1.1239 to 1.1086 has dampened bullish outlook, a weekly close below 1.1067 sup would risk stronger retracement of said rise fm 1.0880 to 1.1017 (61.8% r fm 1.0880), however, reckon pivotal sup at 1.0982 should hold.

Today, although y'day's break of Mon's 1.1146 high to 1.1163 suggests near term upmove fm last Fri's 1.1086 low has resumed n mild upside bias would be seen, as hourly oscillators' readings would be in overbought territory, reckon 1.1206 would hold n yield retreat. Below 1.1105 yields 1.1086, then 1.1067.