Weekly EUR/USD technical outlook
Last Update At 25 Oct 2021 00:05GMT.
Trend daily chart
Down
Daily Indicators
Turning up
21 HR EMA
1.1638
55 HR EMA
1.1637
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
53
14 HR DMI
-ve
Daily analysis
Consolidation b4 one more rise.
Resistance
1.1703 - Sep 28 high.
1.1669 - Last week's high (Tue).
1.1655 - Last Fri's high.
Support
1.1617 - Last Wed's low.
1.1609 - Last Tue's low (AUS).
1.1572 - Last week's low (Mon).
EUR/USD - 1.1640.. Although euro extended early upmove fm Oct's fresh 14 -month trough of 1.1525 initially last week to a near 3-week high of 1.1669 on Tue, price retreated to 1.1617 (Wed) n swung sideways for rest of the week.
On the bigger picture, despite euro's LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, euro's decline to a near 3-year 1.0637 low in Mar 2020 signals correction has ended. Despite staging an impressive upmove to a near 33-month 1.2349 peak in early Jan 2021, subsequent selloff to 1.1705 (Mar) signals top is made. Although euro climbed to 1.22 66 in May, subsequent break of 1.1705 sup to a 9-1/2 month trough of 1.1664 in mid-Aug signals a major top is made. Euro's weakness to a fresh 14-month bottom at 1.1525 in Oct would extend MT fall fm 1.2349 top to 1.1473 but reckon 1.1422 may hold on 1st testing. Tue's break of 1.1664 may head to 1.1745/55 b4 down.
Today, euro's daily choppy swings following retreat from 1.1669 to 1.1617 would yield further consolidation, as long as said reaction low hold, upmove fm 1.1525 may head twd 1.1703, however, 'bearish divergences' on hourly indicators should cap price below 1.1755. A daily close below 1.1617 would yield 1.1572.
-637707435835249894.png)
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
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
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.