DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 04 May 2016 00:21GMT
Trend Daily Chart
Up
Daily Indicators
Bearish divergences
21 HR EMA
1.1520
55 HR EMA
1.1499
Trend Hourly Chart
Sideways
Hourly Indicators
Turning down
13 HR RSI
42
14 HR DMI
-ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.1675 - 100% proj. of 1.0523-1.1377 fm 1.0821
1.1617 - Y'day's fresh 10-month peak
1.1563 - Y'day's NY morning high
Support
1.1491 - Mon's NY morning sup
1.1448 - Mon's Euroepan low
1.1414 - Last Fri's European morning high (now sup)
. EUR/USD - 1.1502... Euro maintained a firm undertone in Asia on Tue n easily penetrated Mon's 1.1536 high, intra-day upmove accelerated in Europe, price rallied to 1.1617 b4 staging a reversal to 1.1501 in NY, then 1.1491 Wed.
. Looking at the bigger picture, euro's rally abv Apr's top at 1.1465 to a fresh 8-month peak at 1.1617 y'day confirms MT uptrend from 2015 Dec's 1.0523 low has resumed n price is en route to 1.1675, being the 100% proj. of rise of 1.0523-1.1377 measured fm 1.0821. Having said that, as daily & hourly technical indicators would display 'bearish divergences' on such move, reckon 2015 peak at 1.1715 (Aug) would remain intact in May n risk has increased for a correction to occur. Buying euro on dips ahead of Fri's key U.S. jobs data is recommended n only below 1.1310 signals temporary top is made, yields 1.1216. Y'day's selloff fm 1.1617 suggests choppy consolidation is in store, as long as 1.1416 (50% r of 1.1216-1.1617) holds, upside bias remains, break would risk 1.1216.
. Today, as hourly macd has cut below the 'zero line', suggesting consolidation with downside bias would be seen but as hourly oscillators' reading would be in o/sold territory, 1.1447/48 sup would contain weakness. _20160504071207.png)
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