DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 15 Jan 2016 00:17GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0870
55 HR EMA
1.0868
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.0970 - Mon's high (AUS)
1.0944 - Y'day's high
1.0900 - Tue's high
Support
1.0835 - Y'day's low
1.0803 - Last Fri's low
1.0771 - Last Thur's European low
. EUR/USD - 1.0857.. Euro extended Wed's gain to 1.0897 in Asia n despite a retreat to 1.0854 in Europe y'day, renewed buying emerged n pushed price to 1.0944 b4 coming off to 1.0835 in NY on dovish ECB minutes n rebound in the Dow.
. Looking at the daily chart 1st, euro's early decline fm 1.1060 confirms 1st leg of upmove fm 2015 Dec's 7-1/2 month bottom at 1.0523 has ended there n despite last week's weakness to 1.0711 (Tue), subsequent rally to as high as 1.0970 on Mon strongly suggests said correction is over n a daily close abv 1.0993 res would add credence to this view, re-test 1.1060 n then twd 1.1248 later this month would be seen, being 100% projection of 1.0523-1.1060 measured fm 1.0711. Therefore, trading euro fm long side in anticipation of such a move is favoured. On the downside, only a daily close below 1.0803 sup would dampen current bullish scenario as risk is seen for possible weakness twd 1.0711.
. Today, despite euro's anticipated intra-day gain to 1.0944 on Thur, subsequent stronger-than-expected retreat to 1.0835 suggests further choppy trading below Mon's 1.0970 peak would continue, as long as indicated sup at 1.0803/05 holds, another bounce is likely but abv 1.0944 needed to re-test 1.0970.
_20160115065823.png "eur")
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
AUD/USD dips below 0.6600 following RBA’s decision
The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the RBA's monetary policy decision to keep rates unchanged. However, it was perceived as a dovish decision. As Wednesday's Asian session began, the AUD/USD trades near 0.6591.
EUR/USD lacks momentum, churns near 1.0750
EUR/USD cycled familiar levels again on Tuesday, testing the waters near 1.0750 as broader markets look for signals to push in either direction. Risk appetite was crimped on Tuesday after Fedspeak from key US Federal Reserve officials threw caution on hopes for approaching rate cuts from the Fed.
Gold wanes as US Dollar soars, unfazed by lower US yields
Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields. A scarce economic docket in the United States would keep investors focused on Federal Reserve officials during the week after last Friday’s US employment report.
Democrats to introduce bill targeting crypto mixing services
Rep. Sean Casten revealed in a House hearing on Tuesday that Democrats are planning to issue a bill this week that would target crypto-mixing protocols. Democrats and Republicans also clashed over the SEC's recent action against crypto companies.
Living vicariously through rate cut expectations
U.S. stock indexes made gains on Tuesday as concerns about an overheating U.S. economy ease, particularly with incoming economic reports showing data surprises at their most negative levels since February of last year.