DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 10 Jul 2014 00:00GMT
Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
13 HR RSI
14 HR DMI
Marginal gain b4 retreat
1.3700 - Last Tue's high
1.3664 - Last Fri's high
1.3648 - Y'day's high
1.3602 - Y'day's low
1.3576 - Mon's low
1.3537 - Jun 17 low
. EUR/USD - 1.3643... Despite euro's retreat fm 1.3630 to 1.3602 in Europe
on Wed, renewed cross-buying vs stg n yen lifted price n euro climbed to 1.3643
in NY morning. Later, the single currency dropped briefly to 1.3611 after the
release of FOMC minutes b4 rising to session high of 1.3648.
. Looking at the hourly n daily charts, y'day's rebound after holding abv
Mon's 2-week trough at 1.3576 indicates fall fm last Tue's high of 1.3700 has
made a low there n stronger gain twd 1.3653, this is the 'dynamic' 61.8% r of
1.3700-1.3576, cannot be ruled out, however, as stated previously, euro's sharp
retreat fm aforesaid 5-week peak at 1.3700 to 1.3576 strongly suggests the cor-
rection fm Jun's near 4-month trough at 1.3503 has ended, bias to euro remains
to the downside, reckon 1.3564 (last Thur's high) wud cap upside n yield another
fall later. Looking ahead, a daily close below 1.3576 wud confirm this bearish
view, then re-test of said Jun's near 4-month low shud follow next week.
. In view of abv analysis, we're buyomg euro on dips for one more rise or
wud sell on intra-day upmove. On the downside, below 1.3576 wud extend aforesaid
decline twd 1.3537/42.
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