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Weekly technical and trading outlook – EUR/USD

fxsoriginal
 
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.

EURUSD

Author

AceTrader Team

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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