DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 02 Mar 2016 00:08GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.0872
55 HR EMA
1.0899
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
50
14 HR DMI
-ve
Daily Analysis
Marginal fall b4 correction
Resistance
1.0963 - Mon's high
1.0912 - Last Fri's low (now res)
1.0894 - Y'day's high
Support
1.0834 - Y'day's 1-month low
1.0810 - Jan 29 low
1.0776 - Jan 21 low
. EUR/USD - 1.0873.. Despite staging a recovery to 1.0894 ahead of European open Tue, euro met renewed selling n fell below Mon's 1.0859 low to a 1-mth low of 1.0834 after upbeat U.S. data n dovish comments by ECB's Draghi.
. Let's look at daily picture 1st, despite resumption of MT rise fm 2015 Dec's 7-1/2 month trough at 1.0523 to 1.1377 in Feb, subsequent sharp retreat confirms aforesaid upmove has formed a top there n consolidation with downside bias remains for further weakness to 1.0810 (Jan 29 low), a weekly close below there would bode ill for the single currency to head lower twd pivotal sup at 1.0711 (Jan's low) in mid-Mar. As daily technical indicators are falling with the macd now cutting below the 'zero line', selling euro on recovery in anticipation of fall to aforementioned targets is recommended and only abv res at 1.1138/39 would signal temporary low made n risk stronger gain twd 1.1193.
. Today, euro's selloff to a fresh near 1-month low of 1.0834 y'day suggests decline fm 1.1377 (Feb) wud pressure price twd 1.0810 after consolidation, however, 'bullish converging' signals on hourly oscillators should keep price abv 1.0776. Abv 1.0912 signals temporary low is made n yields 1.0958/63 later.
_20160302073101.png "eur")
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
AUD/USD extends gains due to improved risk appetite
The Australian Dollar maintained its winning streak for the fourth consecutive session on Monday, buoyed by a hawkish sentiment surrounding the Reserve Bank of Australia. This optimism bolsters the strength of the Aussie Dollar, providing support to the AUD/USD pair.
USD/JPY snaps three-day losing streak above 153.50, Yellen counsels caution on currency intervention
The USD/JPY pair snap a three-day losing streak during the Asian trading hours on Monday. The uptick of the pair is bolstered by the modest rebound of the US Dollar and US Treasury Secretary Janet Yellen’s comments on potential Japanese interventions last week.
Gold holds below $2,300, Fedspeak eyed
Gold price loses its recovery momentum around $2,295 on Monday during the early Asian session. Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.