DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 29 Aug 2014 00:29GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.3185
55 HR EMA
1.3190
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
49
14 HR DMI
-ve
Daily Analysis
Consolidation b4 marginal fall
Resistance
1.3297 - Last Fri's high
1.3242 - Last Thur's low (now res)
1.3221 - Y'day's high
Support
1.3152 - Wed's fresh near 1-year low
1.3105 - Sep 06 low
1.3066 - 100% proj. of 1.3700-1.3333 fm 1.3433
. EUR/USD - 1.3185 ... Although euro ratcheted higher to 1.3221 on short-covering at European open on Thur, renewed selling emerged after data showed EZ economic sentiment dropped in Aug n price retreated to 1.3199. Euro tumbled to 1.3160 due to renewed tensions in Ukraine n upbeat U.S. GDP b4 recovering.
. Looking at the hourly & daily charts, y'day's strg retreat fm 1.3221 suggests correction fm Wed's near 1-year low at 1.3152 has ended there n as long as 1.3221 holds, the MT downtrend fm May's 2-1/2 year peak at 1.3995 to retrace the entire MT rise fm 2012 bottom at 1.2042 shud resume after consolidation, below said sup wud extend marginally to 1.3131 (being 61.8% r proj. of 1.3296-1.3152 measured fm 1.3220), however, as hourly indicators have already displayed prominent 'bullish convergences', reckon daily sup at 1.3105 wud hold on 1st testing n bring a much-needed correction. A daily close abv 1.3221 wud signal temp. low is made, then euro wud head twd 1.3280/90 next week b4 prospect of another fall.
. Today, we're holding short in anticipation of one more decline n profit shud be taken on such a move as volatility may increase on month-end position adjustmet. Pay attention to the closely watched eurozone inflation at 09:00GMT !
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