Weekly Technical and Trading Outlook -EUR/USD

  WEEKLY EUR/USD TECHNICAL OUTLOOK
Last Update At 20 Mar 2017 00:09GMT

Trend Daily Chart
Sideways

Daily Indicators
Rising

21 HR EMA
1.0746

55 HR EMA
1.0731

Trend Hourly Chart
Up

Hourly Indicators
Bearish divergences

13 HR RSI
48

14 HR DMI
-ve

Daily Analysis
Consolidation b4 one more rise

Resistance
1.0875 - Dec 08 high
1.0829 - Feb high (02)
1.0783 - Last Fri's high

Support
1.0728 - Last Fri's low
1.0706 - Last Thur's low
1.0663 - Last Tue's high (now sup)

. EUR/USD - 1.0743.. Although euro climbed initially to a 4-week high of 1.0714 at the start of last week, profit taking knocked price down to 1.0601 Tue b4 rallying on Wed in post-FOMC NY to 1.0109, then 1.0783 on Fri.

. On the daily chart, euro's MT rise fm Jan's near 14-year bottom of 1.03 341 to 1.0829 in Feb signals recent downtrend has made a low there. Despite sub- sequent fall to 1.0494 in Feb, euro ratcheted higher in Mar n last week's gain to a 5-week high of 1.0783 Fri signals said correction has ended. Current rising daily indicators should bring re-test of 1.0829 this week, then daily chart obj. at 1.0875, however, 'bearish divergences' on the hourly indicators would limit gain to 1.0979/82, being 50% r of MT fall fm 1.1617-1.0341 n 100% proj. of 1.03 41-1.0829 measured fm 1.0494 resp. in Apr. Below 1.0601 aborts n risks 1.0525.

. Today, as Fri's fresh 5-week high at 1.0783 was accompanied by 'bearish divergences' on the hourly indicators, further strg gain would not be seen n rec kon 1.0829 would remain intact. Only below 1.0700/06 signals temporary top is made n may risk stronger retracement to 1.0640/50.

EURUSD

 

Interested in EUR/USD technicals? Check out the key levels

    1. R3 1.0762
    2. R2 1.0754
    3. R1 1.0749
  1. PP 1.0741
    1. S1 1.0736
    2. S2 1.0728
    3. S3 1.0723

 

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