Daily Technical Outlook on Major - EUR/USD

   DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 24 Jan 2020 00:53GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.1065

55 HR EMA
1.1077

Trend Hourly Chart
Down

Hourly Indicators
Bullish convergences

13 HR RSI
35

14 HR DMI
-ve

Daily Analysis
Resumption of recent decline

Resistance
1.1118 - This week's high (Tue)
1.1108 - Y'day's high
1.1071 - Wed's low (now res)

Support
1.1028 - 2019 Nov 29 high (now sup)
1.1004 -Dec 2019 low (2nd)
1.0982 - Nov 2019 low (27th)

EUR/USD - 1.1052.. Although euro swung sideways in Asia n European morn ing on Thur, price briefly bounced to session highs of 1.1108 on short covering in post-ECB but only to tumble to a 7-week trough of 1.1037 b4 rebounding.

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 in early Jan suggests correction has ended n his week's break of 1.1086 sup should extend said decline to 1.0982, a weekly close below there would head twd 1.0880 in Feb. Only abv 1.1172 risks 1.1239.

Today, euro's resumption of recent fall fm 1.1239 (Dec) to 1.1037 on Thu suggests price is en route twd 1.0982, however, oversold readings on on hourly indicators would keep price abv 1.0949/50 n yield a minor correction. Only abv 1.1108/18 signals low made n would head twd 1.1142 but 1.1172 should cap upside