DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 11 Sep 2014 00:14GMT
Trend Daily Chart
Down
Daily Indicators
Rising fm o/s
21 HR EMA
1.2919
55 HR EMA
1.2925
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.3030 - Hourly chart
1.2990 - Last Fri's high
1.2963 - Y'day's high
Support
1.2883 - Y'day's NY low
1.2860 - Tue's fresh near 14-month low
1.2839 - 1.618 times ext. of 1.3700-1.3333 fm 1.3433
. EUR/USD - 1.2919 ... The single currency briefly penetrated Tue's high at 1.2957 to 1.2963 in European morning, however, renewed selling interest there capped euro's upside n price ratcheted lower to session low of 1.2883 in New York midday b4 paring intra-day losses in NY afternoon.
. As mentioned in previous update, euro's rebound fm a near fresh 14-month low at 1.2860 on Tue to 1.2963 signals a temp. bottom has been made there as the magnitude of this move was the largest in over a month, therefore, several days of consolidation is in store. As long as 1.2990 res (last Fri's high) holds, out look remains bearish for the MT downtrend fm Jul's 2-1/2 year peak at 1.3995 to retrace the entire MT rise fm 2012 bottom at 1.2042 to resume to 1.2839 (1.618 times extension of 1.3700-1.3333 measured fm 1.3433), however, as the hourly oscillators wud display prominent 'bullish convergences' on next fall, previous key daily sup at 1.2745 shud remain intact.
. Today, in view of abv consolidative view on euro, one can trade on both sides of the market n buy on dips for another rebound or sell on next intra-day up move twd 1.2980/90 res for subsequent retreat.
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