Weekly Technical Outlook on Major - EUR/USD

AceTrader Team AceTrader

WEEKLY EUR/USD TECHNICAL OUTLOOK
Last Update At 09 Dec 2019 00:07GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
1.1071

55 HR EMA
1.1079

Trend Hourly Chart
Near term down

Hourly Indicators
Rising fm o/s

13 HR RSI
33

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.1140 - Nov 05 high
1.1115 - Last week's high (Wed)
1.1080 - Last Thur's European low (now res)

Support
1.1041 - Last Wed's low (Fri)
1.1004 - Last week's low (Mon)
1.0982 - Nov's low (29th)

EUR/USD - 1.1059.. Despite hitting a 6-week low of 1.0982 on the last trading day in Nov, the single currency met renewed buying at 1.1004 last Mon n rallied to as high as 1.1115 Wed on usd's weakness b4 retreating to 1.1041 Fri.

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. Despite subsequent selloff to 1.1216 in Nov 2018, then to a fresh 28-month bottom at 1.0880 on 1st day in Oct, euro's strg rebound n rally abv Sep's 1.1109 top to 1.1179 in Oct suggests temporary low has been made. Having said that, subsequent weakness to a 6-week trough of 1.0982 last Fri signals correction has possibly ended n would head back to 1.0942, a daily close below there would yield weakness twd 1.0880. On the upside, only abv 1.1115 indicates pullback has ended n yields another rise to 1.1179, break would extend twd 1.1249 in later Jan/Feb 2020.

Today, Fri's break of 1.1066/68 sup to 1.1041 due to blowout U.S. jobs data suggests near term rise fm 1.0982 has made a top at 1.1115 as current price is below 21-hr n 55-hr emas suggesting downside bias remains but reckon 1.0004 would hold n bring rebound. Only abv 1.1115 would head to 1.1175/79 later.

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.1173
2. R2 1.1142
3. R1 1.1101
PP 1.107
1. S1 1.1029
2. S2 1.0998
3. S3 1.0957

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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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