DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 31 Jul 2015 00:23GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.0647
55 HR EMA
1.0681
Trend Hourly Chart
Near term down
Hourly Indicators
Turning up
13 HR RSI
47
14 HR DMI
-ve
Daily Analysis
Consolidation b4 marginal fall
Resistance
1.1084 - Y'day's high
1.1022 - Tue's low (now res)
1.0991 - Y'day's high
Support
1.0894 - Y'day's low
1.0869 - Jul 22 low
1.0808 - Jul 20 low
. EUR/USD - 1.0944... Euro came under renewed selling pressure y'day following early sell-off in Wed's post-FOMC NY session, price fell to 1.0942 in Europe n later hit sessions low of 1.0894 in NY b4 staging a short-covering recovery.
. On the daily chart, the decline fm Mon's high at 1.1129 to as low as 1.0894 y'day suggests euro's early strg rebound fm Jul's 12-week low at 1.0808 has ended there n as long as 1.1022 (previous sup, now res) holds, downside bias remains for further weakness to 1.0869 sup (Jul 22 low), a daily close below there would yield re-test of 1.0808 next week, a break there would confirm the erratic fall fm May's peak at 1.1467 to retrace MT rise fm 2015 12-year trough at 1.0457 (Mar) n extend weakness to 1.0785, then 1.0660. Therefore, selling euro on further recovery in anticipation of a re-test of 1.0808 is favoured. On the upside, only a daily close abv 1.1022 would dampen present bearish scenario on euro n risk would shift to the upside for a stronger retracement of this week's decline fm 1.1129 to 1.1070/80. Abv 1.1129 aborts n yields 1.1216.
. Today, euro's intra-day rebound ahead near NY close suggests consolidation abv 1.0894 would be seen but 1.0985 should hold n yield 1.0880/85.
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