Last Update At 22 Feb 2016 00:12GMT
Trend Daily Chart
Up
Daily Indicators
Turning down
21 HR EMA
1.1117
55 HR EMA
1.1122
Trend Hourly Chart
Neutral
Hourly Indicators
Rising
13 HR RSI
52
14 HR DMI
-ve
Daily Analysis
Consolidation with upside bias
Resistance
1.1214 - Feb 13 low (now res)
1.1193 - Last Tue's high
1.1139 - Lst Fri's high
Support
1.1060 - 2015 Dec's high (now sup)
1.1039 - 61.8% proj. of 1.1377-1.1128 fm 1.1193
1.0985 - Jan's high (now sup)
. EUR/USD - 1.1120.. Euro continued early decline fm Feb's 3-1/2 month peak last week due to rebound in the Dow, price fell fm 1.1251 on Mon to as low as 1.1067 Fri in NY morning b4 staging a recovery.
. Looking at the daily chart 1st, despite euro's rally abv 2015 Dec's peak at 1.1060 (now sup) at the start of Feb to a 3-1/2 month peak of 1.1377, subsequent break of 1.1161 to 1.1067 last Fri confirms aforesaid rise has indeed made a temporary top there n weakness to 1.1051, being 'minimum' 38.2% r of 1.0523 to 1.1377, a daily close below there would bring stronger retracement to 1.0950(50% r) later this week. Having said that, euro's rebound fm 1.1067 last Fri suggests temporary low has possibly been made, abv 1.1179 would signal 1st leg of correction is over n bring subsequent headway to 1.1222 (50% r of 1.1377-1.1067). In view of said mixed outlook, we're standing aside initially this week.
. Today, euro's rebound fm 1.1067 to 1.1138 in NY session on Fri suggests a day of consolidation with upside bias is seen as said low was accompanied by bullish convergences on the hourly indicators n gain twd 1.1193 is likely. Therefore, buying on dips is favoured n only below 1.1060/67 risks 1.0030/40.
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