Weekly EUR/USD technical outlook
Last Update At 15 Aug 2022 00:01GMT.
Trend daily chart
Sideways
Daily Indicators
Turning up
21 HR EMA
1.0281
55 HR EMA
1.0286
Trend hourly chart
Near term
Hourly Indicators
Rising fm o/sold
13 HR RSI
35
14 HR DMI
-ve
Daily analysis
Consolidation with downside bias
Resistance
1.0327 - Last Fri's European high
1.0306 - Last Fri's Asian morning low (now res)
1.0276 - Last Thur's low (now res)
Support
1.0239 - Last Fri's low
1.0203 - Last Wed's low
1.0160 - 50% r of 0.9953-1.0368
EUR/USD - 1.0258.. Although euro swung sideways initially last week, usd's broad-based selloff on Wed after soft U.S. CPI n yields sent euro jumping to a 5- week high of 1.0368 but ratcheted lower to 1.0239 Fri as usd regained traction.
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, decline to a near 3-year 1.0637 low (Mar 2020) signals correction has ended. Although euro staged a rally to a near 33-month 1.2349 peak in early Jan 2021, subsequent selloff to 1.1705 (Mar) signals top is made. Euro's break of 1.1705 n then firm breach below 2020 bottom at 1.0637 in Apr to a 5-year bottom of 1.0350 in mid-May n then break of 2017 trough of 1.0341 to a 20-year low of 0.9953 in mid-Jul suggests price would head twd 0.9860 later, reckon 0.9640 should hold. As 1.0368 has capped last Wed's rally, below 1.0124, 0.9953. Only abv 1.0368 risks 1.0470, 1.0614.
Today, euro's fall fm 1.0368 to 1.0239 suggests corrective rise fm Jul's 20-year bottom at 1.0368 has made a top n falling hourly indicators would pressure price to 1.0203, o/sold readings may limit weakness to 1.0160 (50% r) n bring rebound. Only daily close abv 1.0306 dampens bearishness n risks 1.0368.
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