DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 24 Sep 2014 00:27GMT
Trend Daily Chart
Down
Daily Indicators
Bullish convergences
21 HR EMA
1.2857
55 HR EMA
1.2860
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
47
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.2982 - Last Wed's high
1.2931 - Last Thur's high
1.2901 - Y'day's high
Support
1.2816 - Mon's fresh 14-month low
1.2772 - 61.8% proj. of 1.3221-1.2860 fm 1.2995
1.2745 - Apr 04 2013 low
. EUR/USD - 1.2852... Despite Mon's selloff to a fresh 14-month low at 1.2816, euro ratcheted higher on active short-covering in Europe on Tue after release of slightly higher German service PMI, however, renewed selling at 1.2901 at London midday capped rebound n knocked price lower to 1.2845 in NY.
. Euro's rebound fm Mon's fresh 14-month low of 1.2816 to 1.2901 y'day suggests MT downtrend fm May's 2-1/2 year peak at 1.3995 has made a minor bottom there, however, subsequent retreat to 1.2845, then 1.2840 today suggests as long as 1.2901 res holds, downside bias remains for MT decline fm May's 2-1/2 year peak at 1.3995 to retrace MT erratic upmove fm 1.2042 (2012 low) wud resume n extend marginal weakness to 1.2814 (50% projection of 1.3221-1.2860 measured fm 1.2995), however, as the hourly oscillators wud display prominent 'bullish convergences' on such move, suggesting steep fall below there is unlikely n reckon 1.2772 (61.8% projection of 1.3221-1.2860 fm 1.2995) wud hold n yield a much needed minor correction.
. Today, selling euro on recovery for one more is cautiously favoured n only abv 1.2901 wud risk stronger correction to chart obj/res at 1.2931.
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