DAILY EUR/USD TECHNICAL OUTLOOKLast Update At 08 Mar 2016 00:06GMT
Trend Daily Chart
Sideways
Daily Indicators
Falling
21 HR EMA
1.0993
55 HR EMA
1.0973
Trend Hourly Chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
62
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
1.1101 - 50% r of 1.1377-1.0826
1.1060 - 2015 Dec high
1.1044 - Last Fri's high
Support
1.0982 - MOn's NZ low
1.0940 - Y'day's low
1.0904 - Last Fri's low
. EUR/USD - 1.1015.. Euro swung wildly on Mon, despite initial sideways move in Asia, price came under renewed selling pressure at European open to 1.09 40 b4 rallying in tandem with oil n metal prices in NY session to 1.1026.
. Looking at the daily chart, euro's selloff fm Feb's 1.1377 peak to as low as 1.0826 last week confirms MT rise fm 2015 Dec 7-1/2 month trough at 1.05 23 has formed a top there n as price has corrected 61.8% r of this move (1.0849), downside bias remains for further weakness to 1.0810 (Jan 29 low) after consolidation, a weekly close below there would pressure the pair twd pivotal sup at 1.0711 (Jan's low) in mid-Mar.Having said that, last Fri's rally abv 1.0890/94 res to as high as 1.1044 in post-NFP NY session signals temporary low is made n further gain to 1.1101 (50% r of 1.1377-1.0826) can't be ruled out b4 prospect of another fall. Only abv 1.1167 (61.8% r) dampens bearishness n risks 1.1250.
. Today, euro's strg rebound fm 1.0940 to 1.1026 y'day signals pullback fm 1.1044 has ended n upmove fm last Wed's 1-month low at 1.0826 would resume to 1.1060/68, however, 'bearish divergences' on hourly indicators should cap price at 1.1100/05. Only below 1.0970/80 dampens bullishness, 1.0940, break, 1.0904.
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