WEEKLY EUR/USD TECHNICAL OUTLOOKLast Update At 23 Mar 2015 00:13GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.0732
55 HR EMA
1.0732
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
61
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.1062 - Last Wed's high (Reuters)
1.0920 - Last Thur's high
1.0882 - Last Fri's high
Support
1.0754 - Hourly chart
1.0695 - Last Fris Asian high (now sup)
1.0656- (last Fri's low)
. EUR/USD - 1.0826.. Despite opening lower to a fresh 12-year trough of 1.0457 in NZ last Mon, euro rebounded to 1.0651 on Tue n 'jumped' to as high as 1.1062 on Wed after FOMC statements n Fed chair Yellen's dovish comments but only to tank to 1.0613 the next day n then bounced back strongly to 1.0882 Fri.
. Looking at the daily chart, euro's rally to 1.1062 (Reuters) last Wed (the biggest 1-day gain since 2000) confirms recent strg downtrend has indeed formed a low at 1.0457, as this lvl was accompanied by 'bullish convergences' on the hourly indicators. The subsequent selloff to 1.0613 n then strg rebound fm there suggests aforesaid volatile price action fm 1.1062 may well unfold into a 'triangle'. If this scenario holds true, one can buy the euro on dips in anticipation of subsequent rebound (c-leg upmove) but profit shud be taken on upmove as abv 1.1062 needed to turn outlook bullish for a stronger correction twd 1.1264 (being a minimum' 38.2% r of 1.2570-1.0457). On the downside, only a daily close below 1.0580 wud abort bullish bias on euro n risk weakness twd 1.0457.
. Today, as current price is trading abv the 21-hr & 55-hr emas, buying the single currency on dips is recommended but upside shud falter below 1.1000.
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