Weekly Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

WEEKLY EUR/USD TECHNICAL OUTLOOK

Last Update At 14 Oct 2019 00:18GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.1031

55 HR EMA
1.1017

Trend Hourly Chart
Sideways

Hourly Indicators
Bearish divergences

13 HR RSI
49

14 HR DMI
+ve

Daily Analysis
Consolidation b4 one more rise

Resistance
1.0109 - Sep high (13th)
1.1075 - Sep 18 high
1.1062 - Last Fri's near 3-week high

Support
1.1000 - Last Mon's high (now sup)
1.0968 - Hourly sup
1.0942 - Last week's low (Tue)

EUR/USD - 1.1030.. Euro extended previous week's rise to 1.1000 on Mon n despite a retreat to 1.0942 the next day, renewed buying pushed price higher to 1.1034 on Thur, then to a near 3-week high of 1.1062 on Fri b4 easing.
On the bigger picture, euro resumed its LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, subsequent sell- off to 1.1216 in Nov 2018, then to a fresh 28-month bottom at 1.0880 last week would pressure price to 1.0840 (May low in 2017), 'bullish convergences' on the daily indicators would keep euro abv 1.0705 (100% projection fm 1.1412) n risk has increased for a much-needed correction to take place. On the upside, a daily close abv 1.1109 would violate recent series of lower lows n lower highs n signal temporary bottom is made, then outlook would turn outlook bullish for price to stage a stronger retracement twd 1.1249 in Nov/Dec.
Today, euro's resumption of upmove fm 1.0880 bottom to 1.1062 on Fri suggests price would head to 1.1075, then twd 1.1109 target after consolidation, 'bearish divergences' on hourly indicators should prevent strg gain n 1.1164 should hold. Only a daily close below 1.1000 signals top, 1.0968, 1.0942.

Author

AceTrader Team

AceTrader

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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