WEEKLY EUR/USD TECHNICAL OUTLOOKLast Update At 28 Dec 2015 00:03GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0957
55 HR EMA
1.0948
Trend Hourly Chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
57
14 HR DMI
+ve
Daily Analysis
Consolidation with mild upsdie bias
Resistance
1.1060 - Dec 15 6-week high
1.1013 - Dec 16 high
1.0984 - Last Tue's high
Support
1.0903 - Last Thur's low
1.0870 - Last Wed's low
1.0848 - Dec 21 low
. EUR/USD - 1.0967.. The single currency went through a 'roller-coaster' holiday-shortened week. Despite rising initially to 1.0984 last Tue, price then briefly tumbled to 1.0870 the next day b4 ratcheting higher back to 1.0974 Fri.
. On the bigger picture, despite euro's sharp retreat from Dec's 6-week peak at 1.1060 to 1.0802, subsequent rebound to 1.0984 last Tue signals pullback is over n early upmove fm Dec's 7-1/2 month trough at 1.0802 to retrace MT downtrend fm 1.1715 (Aug) would resume after current choppy trading in this another holiday-abbreviated week is over. A daily close abv 1.1013 would bring a re-test of 1.1060 n then 1.1119, this is 50% projection of 1.0523-1.1060 measured fm 1.0802. On the downside, only a daily close below 1.0870 would abort bullish scenario on euro n may risk weakness twd 1.0802.
. Today, although euro's marginal rise to 1.0974 in Tokyo session last Fri signals early pullback fm 1.0984 has ended n abv this res would encourage for further headway to 1.1000/10, as broad outlook remains consolidative, Dec's top at 1.1060 should hold. On the downside, only below 1.0903 'prolongs' volatile consolidation n may risk re-test of 1.0870.
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