Daily Technical Outlook & Trading Ideals on EUR/USD: July 10, 2014



eur  DAILY EUR/USD TECHNICAL OUTLOOK

Last Update At 10 Jul 2014   00:00GMT

Trend Daily Chart
Down

Daily Indicators
Turning up

21 HR EMA
1.3628

55 HR EMA
1.3617

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
64

14 HR DMI
+ve

Daily Analysis
Marginal gain b4 retreat

Resistance
1.3700 - Last Tue's high
1.3664 - Last Fri's high
1.3648 - Y'day's high

Support
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. 

eur

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS