DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 28 Jan 2016 00:28GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0882
55 HR EMA
1.0865
Trend Hourly Chart
Near term up
Hourly Indicators
Rising
13 HR RSI
64
14 HR DMI
+ve
Daily Analysis
Consolidation with upside bias
Resistance
1.1013 - 2015 Dec 16 high
1.0985 - Jan 15 Fri
1.0921 - Last Thur's high
Support
1.0853- Y'day's European low
1.0819 - Tue's low
1.0776 - Last Thur's low
. EUR/USD - 1.0903.. Although euro continues to trade in familiar territory after last Thu's brief but sharp selloff fm 1.0921-1.0776 following ECB Draghi's press conference, y'day's erratic rise to 1.0918 suggests upside bias is seen.
. On the daily chart, euro's decline fm 1.1060 (2015 Dec) to 1.0711 at the start of Dec confirms 1st leg of upmove fm 2015 Dec's 7-1/2 month bottom at 1.0523 has ended there, despite subsequent strg rise back up to Jan's high at 1.0985, euro's daily swings seen last week n then selloff below 1.0859 sup to 1.0776 suggests choppy trading below 1.0985 would continue, a daily close below 1.0776 would shift risk to the downside for weakness twd 1.0711 where a break there would pressure price twd 1.0626 (80.9% r fm 1.0523-1.0985) n possibly, re-test of 1.0523 in Feb. On the upside, abv 1.0985/93 res area would revive previous bullish prospect of gain twd 1.1060 later next month.
. Today, as current price is trading abv 21-hr n 55-hr emas, suggesting nr term upside bias remains for re-test of 1.0921 where a firm break there would indicate pullback fm Jan's 1.0985 high has ended, then outlook would turn bullish for gain twd said res lvl later. Only below 1.0819 aborts n risks 1.0789/94.
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