Daily Technical Outlook on Major EUR/USD : April 17, 2014

  DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At 17 Apr 2014     01:03GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
1.3823

55 HR EMA
1.3824

Trend Hourly Chart
Sideways

Hourly Indicators
Turning up

13 HR RSI
59

14 HR DMI
+ve

Daily Analysis
Choppy trading to continue

Resistance
1.3906 - Last Fri's high
1.3864 - Last Fri's low, now res
1.3851 - Y'day's high

Support
1.3790 - Tue's low
1.3748 - Last Mon's high
1.3705 - Mar 28 low

. EUR/USD - 1.3827... Although active buying of euro vs yen due to the
increased risk appetite had lifted price fm Asian low at 1.3807 to 1.3851 in
European morning y'day, release of lower-than-expected EU CPI triggered broad-
based selling in euro n price fell to 1.3804 in NY morning b4 recovering.

. Looking at the daily n hourly charts, euro's rebound fm Tue's low at
1.3790 to 1.3851 y'day suggests fall fm last Fri's 3-week peak at 1.3906 has
made a temporary low there n a few days of choppy trading abv this sup is seen,
a breach of 1.3851 wud bring stronger gain to 1.3864 n possibly 1.3880/90,
however, price shud falter below 1.3906 today ahead of longEaster holiday n
yield strg retreat later. Looking ahead, below 1.3801/04 (hourly chart) wud
indicate aforesaid fall to retrace retrace upmove fm 1.3672 (Apr 4 low) has
resumed n extend twd 1.3761, being the 'dynamic' 61.8% r of 1.3762-1.3906, but
reckon 1.3748 (last Mon's top, now sup) wud hold n yield strg rebound.

. In view near mixed outlook, we have exited our previous short position
n stand aside today. Only a daily close abv 1.3906 wud turn outlook bullish for
gain to 1.3948 n a possible re-test of Mar 2-1/2 yr peak at 1.3967 next week.