DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 28 Oct 2014 00:02GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.2696
55 HR EMA
1.2686
Trend Hourly Chart
Near term up
Hourly Indicators
Neutral
13 HR RSI
56
14 HR DMI
+ve
Daily Analysis
Initial rise b4 retreat
Resistance
1.2840 - Last Wed's high
1.2784 - Last Wed's Australian low
1.2740 - Last Fri's high
Support
1.26667 - Y'day's low
1.2614 - Last Wed's low
1.2605 - Oct 10 low
. EUR/USD - 1.2702... Euro swung wildly on Mon. Despite initial brief rise to 1.2715 in Asia after ECB released the stress tests report on Sunday, euro then retreated to 1.2666 in Europe on downbeat Ifo business confidence data but buying interest emerged in NY morning n pushed price to session high of 1.2723.
. Let's look at daily picture 1st, euro's early strg bounce fm Oct's 2-year trough at 1.2500 to 1.2888 confirms the MT fall fm 2014 2-1/2 year peak at 1.3995 (May) has made a temporary low there, however, last week's decline to 1.2614 signals 1st leg of correction has ended n as y'day's rebound to 1.2723 suggests the pullback fm 1.2888 has made a low at 1.2614, suggesting 'choppy' trading inside 1.2614-1.2888 range wud continue n as long as 1.2614 sup holds, consolidation with upside bias remains for gain to 1.2760 but res at 1.2784 shud cap upside n yield another fall later this week. On the downside, only a daily close below 1.2605 wud suggest correction is over n bring re-test of 1.2500.
. Today, buying euro on dips in anticipation of further gain is favoured, however, position traders shud look to sell on next rise for weakness to 1.2660/66 sup n but 1.2614 low shud remain intact.
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