Last Update At 29 Nov 2015 23:32GMT
Trend Daily Chart
Down
Daily Indicators
Rising fm o/s
21 HR EMA
1.0596
55 HR EMA
1.0607
Trend Hourly Chart
Sideways
Hourly Indicators
Bullish convergences
13 HR RSI
44
14 HR DMI
-ve
Daily Analysis
One more fall b4 rebound
Resistance
1.0689 - Last Thur's high
1.0673 - Last Tue's NY high
1.0642 - Last Wed's NY high
Support
1.0565 - Last Wed's fresh 7-month low
1.0521 - Apr low (13)
1.0500 - Psychological
. EUR/USD - 1.0589... Euro continued its recent losing streak last week n fell to 1.0592 Mon, despite staging a short-covering rebound to 1.0689 Wed in Europe, price tumbled to 1.0565 in NY n then swung sideways on Thur n Fri.
. On the daily picture, euro's resumption of recent decline fm 1.1715 (Aug top) to a fresh 7-month trough of 1.0565 last Wed should pressure price to next chart obj. at 1.0521 (Apr low) after consolidation. Having said that, as the hourly technical indicators would display 'bullish convergences' on such a move, reckon Mar's 12-year bottom at 1.0457 would remain intact ahead of this Thur's ECB monetary meeting. So whilst selling on recovery for further weakness is recommended, profit should be taken on next fall. On the upside, a daily close abv 1.0689 would be the 1st signal a temporary low is made n may risk stronger correction twd 1.0763 b4 prospect of another fall.
. Today, despite Fri's intra-day decline fm 1.0638 to 1.0569 in NY morning, subsequent rebound suggests choppy sideways trading would continue n as long as 1.0642 holds, MT downtrend should resume, however, bullish convergences on hourly indicators should keep price abv 1.0521 n bring correction later.
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