DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 07 Oct 2015 23:40GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.1245
55 HR EMA
1.1239
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
45
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1330 - Sep 21 high
1.1319 - Last Fri's high
1.1289 - Mon's high
Support
1.1212 - Y'day's low (NY)
1.1172 - Y'day's low
1.1150 - Last Fri's low
. EUR/USD - 1.1236... Trading euro was tricky y'day as price swung wildly. Despite rising to 1.1284 in Asia, price fell to 1.1222 after downbeat German data b4 bouncing back to 1.1274 in NY, then down to 1.1212 b4 recovering.
. Looking at the daily chart, although euro's fall fm Aug's 7-month peak at 1.1715 to 1.1087 (Sep low) confirms early medium-term rise fm 2015 12-year bottom at 1.0457 (Mar) has formed a top there, subsequent daily swings inside the 1-month long 1.1087-1.1460 range suggests further volatile trading would continue with downside bias. A daily close below 1.1087 (reaction low fm 1.1715) would confirm decline fm 1.1715 has finally resumed n yield weakness to next daily chart sup/obj at 1.1018, then 1.0938, being 61.8% r of said upmove fm 1.0457-1.1715. Therefore, selling euro on ecovery this week is favoured n only abv 1.1319 would 'prolong' consolidation, risks gain to 1.1330, then 1.1400/10.
. Today, expect intra-day price swings to continue, however, as long as 1.1284/89 res holds, downside bias remains for another fall, below NY low at 1.1212 would encourage for weakness twd 1.1172 (reaction low fm 1.1319), break would yield subsequent weakness to 1.1135/50 area. Only abv 1.1289 risks 1.1319.
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