DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 18 Sep 2014 00:35GMT
Trend Daily Chart
Down
Daily Indicators
Rising fm o/s
21 HR EMA
1.2910
55 HR EMA
1.2935
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
28
14 HR DMI
-ve
Daily Analysis
Resumption of MT downtrend
Resistance
1.2943 - Y'day's Euroepan morning low
1.2909 - Last Fri's n Mon's low
1.2860 - Last Tue's low (now res)
Support
1.2835 - Intra-day low (Australia)
1.2772 - 61.8% proj. of 1.3221-1.2860 fm 1.2995
1.2745 - Apr 2013 low
. EUR/USD - 1.2858... Despite euro's brief bounce fm 1.2943 to 1.2981 in NY morning after the release of lower-than-expected US CPI data, the single currency nose-dived to 1.2898 after the release of dovish Fed's policy statement n price later weakened to a fresh 14-month trough of 1.2835 in Australia.
. Looking at the hourly n daily charts, y'day's of last Tue's 1.2860 low to 1.2835 confirms MT downtrend fm May's 2-1/2 year peak at 1.3995 to retrace entire LT rise fm 2012 bottom at 1.2042 (Jul) has once again resumed n further weakness to 1.2790/95 is now envisaged after minor consolidation, however, as the hourly oscillators' readings are in oversold territory, reckon 1.2788, being 61.8% proj. of intermediate fall fm 1.3221-1.2860 measured fm 1.2995 wud limit downside n yield a much-needed rebound later. Looking ahead, euro is poised to re-test of previous daily sup at 1.2745 (Apr 2013) later this month n only abv 1.2909 signals at temp. low is made n may risk stronger retrace. twd 1.2985/95.
. Today, in view of abv bearish analysis, selling euro on intra-day recovery is the way to go as 1.2880/90 shud cap upside, however, profit shud be taken on subsequent decline.
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