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
-637154514042011843.png)
Interested in EUR/USD technicals? Check out the key levels
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold drops below $2,320 as US yields shoot higher
Gold lost its traction and turned negative on the day below $2,320 in the American session on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, weighing on XAU/USD.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.