DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 26 Aug 2015 00:15GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
1.1504
55 HR EMA
1.1459
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.1715 - Mon's 7-month high
1.1622 - Hourly chart
1.1578 - Y'day's Euroepan high
Support
1.1446 - Prev. hourly res (now sup)
1.1396 - Y'day's low
1.1307 - Prev. hourly res (now sup)
. EUR/USD - 1.1537...Despite euro's intra-day decline fm European 1.1578 high to 1.1396 in NY morning as rate cuts by PBOC led to initial rally in global stocks, price rebounded to 1.1537 after U.S. stocks swung fm gain to loss.
. Looking at the bigger picture 1st, euro's rally abv key daily res 1.1467 (May high) to as high as 1.1715 on Mon confirms MT uptrend fm 2015 12-year bottom at 1.0457 (Mar) has finally resumed n price is en route to 1.1809 after consolidation, this is a 'minimum' 38.2% r of the intermediate LT downtrend fm 2014 peak at 1.3995, a daily close abv there would encourage for further headway twd 'psychological' target at 1.2000 next week, however, as daily indicators' readings would be in o/bot territory on such a move, 1.2226 (50% r fm 1.3995) would cap upside. Only a daily close below 1.1420 (Mon's European low) would signal temp. top has been made n risks retrace. twd 1.1261 (50% r of 1.0808-1.1715).
. Today, euro's aforesaid strg bounce fm 1.1396 suggests correction fm 1.1715 has ended there, however, a daily close abv 1.1622 needed to bring retest of 1.1715 n then 1.1744 (50% proj. of 1.1018-1.1715 measured fm 1.1396), 'bearish divergences' on hourly indicators should cap price below 1.1800/10.
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