Daily Technical Outlook & Trading EUR/USD

   DAILY EUR/USD TECHNICAL OUTLOOK
Last Update at   03 Jun 2015 00:12GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.1092

55 HR EMA
1.1022

Trend Hourly Chart
Near term up

Hourly Indicators
Easing fm o/bot

13 HR RSI
73

14 HR DMI
+ve

Daily Analysis   
Consolidation with upside bias

Resistance
1.1290 - May 01 high
1.1208 - May 22 high
1.1195 - Y'day's high

Support
1.1113 - Reaction low fm 1.1195
1.1062 - May 20 low (May 18 high)
1.1006 - Last Fri's high, now sup

. EUR/USD - 1.1149.. Despite euro's initial sideways trading in Asia on Tue, the single currency ratcheted higher to 1.1056 in European morning after EZ returned to inflation. Price then jumped in early NY trading to 1.1195 as market optimism over a Greek debt deal triggered broad-based buying in the euro.

. Looking at the daily picture, although we have taken a view euro's sharp fall fm May's 1.1467 high to 1.0819 last week signals early correction fm Mar's 12-year trough at 1.0457 has ended there, y'day's rally back to 1.1195 suggests 1st leg of decline has ended gain to 1.1208/1.1219 may be seen, being daily res n 'dynamic' 61.8% r of aforesaid fall fm 1.1467-1.0819 respectively, only a daily close abv there wud yield further headway to 1.1290/00, however, as long as 1.1392 res holds, prospect of another leg of decline still remains. On the downside, below 1.1006 (prev. res, now sup) any time wud confirm corrective rise fm 1.0819 is over, then euro wud re-test this nr term key sup later.

. Today, euro's sideways move in NY afternoon session below 1.1195 suggests Asian traders wud respect said res but as long as reaction low at 1.1113 holds, upside bias remains, below 1.1113 may risk 1.1062 but 1.1006 shud hold.