DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 26 Feb 2016 00:07GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.1024
55 HR EMA
1.1025
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1139 - Last Fri's high
1.1067 - Last Fri's low, now res
1.1052 - Tue's high
Support
1.0987 - Y'day's low
1.0957 - Wed's fresh near 3-week low
1.0904 - Feb 03 low
. EUR/USD - 1.1022.. Euro moved in a choppy fashion on Thu. Although price ratcheted higher to 1.1045 in European morning, the pair briefly fell to 1.0987 after upbeat U.S. data in NY morning b4 climbing to session highs of 1.1050.
. On the daily chart, despite euro's early rally to a 3-1/2 month peak of 1.1377 in Feb, subsequent breach of 1.1060 (Dec's top) to 1.0957 Wed confirms medium-term upmove fm 2015 Dec's 7-1/2 month bottom at 1.0523 has formed a top there n consolidation with downside bias remains for weakness to 1.0950, being a 'natural' 50% r of 1.0523 to 1.1377, break there there would pressure price to 1.0904 (Feb 03 low) then 1.0849 (61.8% r) later. On the upside, only abv 1.1139 (last Fri's high) would confirm a temporary low has been made n would yield stronger gain twds 1.1193 but 1.1217 (61.8% r of 1.1377-1.0957) should hold.
. Today, Wed's low at 1.0957 was accompanied by prominent 'bullish convergences' on the hourly indicators n the chart pattern on the hourly chart is deve loping into an 'inverted' head-and-shoulder formation, abv trendline res at 1.1052/50 would add credence to this view, then price should head to measured obj. at 1.1145. Only below 1.0987 may risk re-test of 1.0957, then 1.0920/30 b4 up.
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 eases toward 0.6500 after mixed Australian trade data
AUD/USD is seeing some fresh selling interest in the Asian session on Thursday, following the release of mixed Australian trade data. The pair has stalled its recovery mode, as the US Dollar attempts a bounce after the Fed-led sell-off.
USD/JPY rebounds above 156.00 after probable Japan's intervention-led crash
USD/JPY is staging a solid comeback above 156.00, having lost nearly 450 pips in some minutes after the Japanese Yen rallied hard on another suspected Japan FX market intervention in the late American session on Wednesday.
Gold price stalls rebound below $2,330 as US Dollar recovers
Gold price is holding the rebound below $2,330 in Asian trading on Thursday, as the US Dollar recovers in sync with the USD/JPY pair and the US Treasury bond yields, in the aftermath of the Fed decision and the likely Japanese FX intervention.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.