Daily Technical Outlook & Trading Ideals EUR/USD: Apr 1, 2015

  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 31 Mar 2015 23:56GMT

Trend Daily Chart
Sideways

Daily Indicators
Turning up

21 HR EMA
1.0755

55 HR EMA
1.0799

Trend Hourly Chart
Down

Hourly Indicators
Turning up

13 HR RSI
39

14 HR DMI
-ve

Daily Analysis
One more fall b4 rebound

Resistance
1.0895 - Mon's Australian high
1.0801 - Last Fri's low, now res
1.0776 - Y'day's NY high

Support
1.0713 - Y'day's low
1.0695 - Mar 20 Asian high (now sup)
1.0613 - Mar 19 low

. EUR/USD - 1.0734 ... Euro extended Mon's weakness on Tue n penetrated Fri's 1.0801 low in Asia, intra-day decline accelerated in European morning n price tumbled to a 1-week low of 1.0713 b4 recovering briefly to 1.0776 at NY open on temp. hope that a deal on Greek deal may be reached but renewed selling interest pressured price back down to 1.0722 n price later traded narrowly.

. Looking at the daily chart, euro's selloff fm last week's 1.1052 top suggests volatile trading below previous post-FOMC peak at 1.1062 wud continue. As mentioned earlier, euro's said rally to 1.1062 (the biggest 1-day gain since 2000) confirms recent strg downtrend has indeed formed a temp. low at 1.0457, as this lvl was accompanied by 'bullish convergences' on the hourly indicators n choppy consolidation abv 1.0613 (reaction low fm 1.1062) wud continue possibly until Fri's U.S. payrolls. Y'day's breach of 1.0801 sup (now res) to 1.0713 signals decline fm last Thur's high at 1.1052 has resumed n further weakness to 1.0698 (equality proj. of 1.1052-1.0801 measured fm 1.0949) is likely but as broad outlook remains consolidative, pivotal sup at 1.0613 wud hold.

. Today, we're trading euro on both sides of the market.