WEEKLY EUR/USD TECHNICAL OUTLOOK
Last Update At 14 Jan 2019 00:07GMT
Trend Daily Chart
21 HR EMA
55 HR EMA
Trend Hourly Chart
13 HR RSI
14 HR DMI
Consolidation with downside bias
1.1540 - Last Fri's high
1.1515 - Fri's European morning low (now res)
1.1487 - Reaction high fm 1.1458
1.1458 - Last Fri's low
1.1422 - Last week's low (Tue)
1.1393 - Hourly chart
. EUR/USD - 1.1464... Although euro penetrated prev. Jan's 1.1497 high last week to an 11-week peak of 1.1570 (Thur), broad-based prfit taking together with Fed J. Powell's mildly hawkish comments knocked price to as low as 1.1458 Fri.
. Looking at the bigger picture, despite euro's resumption of LT uptrend fm 2017 near 14-year bottom of 1.0341 to a fresh 3-year peak of 1.2555 in mid- Feb, subsequent selloff to 1.1301 in Aug confirms said major rise has formed a top there. Although euro ratcheted lower to a 16-month trough at 1.1216 in mid- Nov, the rally to 1.1472 later suggests temporary low has been made. Last week's break abv 1.1500 to 1.1570 suggests consolidation with upside bias remains for stronger gain twd 1.1621, however, reckon 1.1727 (38.2% r of 1.2555-1.2116) would cap upside. On the downside, a daily close below 1.1422 signals correction fm 1.1216 has possibly ended n risks weakness twd 1.1310, break, 1.1216 in Feb.
. Today, euro's decline to 1.1458 on Fri confirms recent upmove has made a temp. top last week at 1.1570 n downside bias remains for weakness twd 1.1393 (sup as well as 50% r of 1.1216-1.1570), o/sold readings on hourly oscillators should keep price abv 1.1346. Only a move abv 1.1540 signals pullback is over.
Interested in EURUSD technicals? Check out the key levels
- R3 1.1599
- R2 1.157
- R1 1.1516
- PP 1.1487
- S1 1.1434
- S2 1.1404
- S3 1.1351
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.