DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 10 Dec 2015 00:26GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.0977
55 HR EMA
1.0923
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
74
14 HR DMI
+ve
Daily Analysis
Marginal rise b4 correction
Resistance
1.1096 - Oct 28 high
1.1073 - Oct 30 high
1.1043 - Y'day's fresh 1-month high
Support
1.0981 - Last Thur's high (now sup)
1.0950 - Hourly chart
1.0903 - Tue's high (now sup)
. EUR/USD - 1.1020.. Euro met renewed buying at 1.0879 in Asian morning on Wed n ratcheted higher to 1.0945 in Europe. Intra-day rise accelerated in NY session due to usd's broad-based weakness n later rallied to as high as 1.1043.
. Looking at the bigger picture, y'day's break of 1.0981 high confirms the strg upmove fm last Thur's fresh 7-1/2 month trough at 1.0523 has once again resumed. As mentioned previously, aforesaid rise signals the 3-legged MT fall fm 1.1715 has ended at 1.0523 n price is en route twd 1.1087 (Sep low) n possibly mtwd 1.1119 later this month (being 50% r of 1.1715-1.0523). Our weekly position had taken profit at 1.0960 y'day n buying euro again on pullback is therefore recommended as 1.0860 (previous res, now sup) would hold n yield such move. Only below 1.0860 signals temporary top is made n risks retracement twd 1.0796.
. Today, as current price is trading well abv the 21-hr n 55-hr emas, suggesting intra-day upside bias remains for further gain, however, as hourly indicators have dispalyed 'bearish divergences' at said y'day's high, strg gain is unlikely to be seen n reckon 1.1073 res may hold on 1st testing, yield a minor correction. We're buying euro on dips or would sell on next upmove.
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