DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 01 Oct 2015 23:50GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.1183
55 HR EMA
1.12190
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
55
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1296 - Last Thur's high
1.1281 - Tue's high
1.1237 - Hourly chart
Support
1.1168 - Y'day's European orning high (now sup)
1.1135 - Y'day's low
1.1105 - Last week's low (Wed)
. EUR/USD - 1.1191... Euro went through a roller-coaster session Thur. Despite resumption of decline fm this week's 1.1281 high to 1.1135 at European open, short-covering in euro lifted price n euro rallied in NY 1.1209 b4 retreating.
. The bigger picture remains largely unchanged where selloff fm Aug's 1.1715 peak to 1.1087 in early Sep signals the MT erratic rise fm Mar's 12-year low at 1.0457 has formed a top there. Despite a strg upmove to 1.1460, subsequent steep fall to as low as 1.1105 last Wed suggests correction has ended n downside bias remains for a re-test of 1.1087, break would extend aforesaid fall fm 1.1715 to next daily obj. at 1.1018 later. Having said that, euro's stronger-than- expected bounce fm 1.1105 to 1.1296 last Thur, then subsequent fall to 1.1116 last Fri n then another bounce to 1.1281 on Tue indicate choppy sideways trading would continue ahead of Fri's key U.S. payrolls. As long as 1.1296 holds, bearishness remains n only abv said res would risk another rise to 1.1330, 1.1400.
. Today, euro's rally fm 1.1135 on Thur suggests consolidation with near term upside bias remains but reckon 1.1268 would cap upside ahead of U.S. NFP. Below 1.1135 would signal a downside break has occured, yield 1.1087, 1.1008/18.
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