DAILY TECHNICAL OUTLOOK ON EUR/USD
Last Update At
01 Feb 2013 00:01GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
1.3577
55 HR EMA
1.3546
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
70
14 HR DMI
+ve
Daily Analysis
Resumption of uptrend
Resistance
1.3759 - 123.6% proj. of 1.2998-1.3404 fm 1.3257
1.3663 - 100% proj. of 1.2998-1.3404 fm 1.3257
1.3645 - 100% proj. of 1.2661-1.3308 fm 1.2998
Support
1.3567 - Hourly chart
1.3541 - Y’day’s low
1.3498 - Wed’s high
EUR/USD - 1.3613 … Although euro came under minor selling pressure just ahead of European open on profit taking, renewed buying at 1.3541 lifted price n the single currency later ratcheted higher in NY morning to a fresh 14-month top at 1.3594 n then climbed to 1.3618 in Australia today on cross-buying of euro.
Looking at the daily chart, as mentioned in previous update, euro’s daily close abv the key 1.3500 lvl bodes well for MT uptrend fm 2012 low at 1.2042 (Jan) to head to 1.3645, this is 100% proj. of MT intermediate rise fm 1.2661-1.3308 measured fm 1.2998, then twd 1.3833, being a ‘dynamic’ 61.8% r of the MT downtrend fm 1.4940 (2011 peak), therefore, as long as 1.3500 holds, euro bulls will be in control, otherwise, a daily close below there wud risk stronger correction to 1.3404 n possibly twd 1.3257 later this month.
Today, current price action suggests as long 1.3588/94 (previous res area, now sup) holds, euro is likely to edge higher, however, present prominent bearish divergences on the hourly indicators wud prevent strg gain n reckon 1.3645 wud hold in Asia. Below 1.3567 confirms temporary top is made n risks 1.3541.
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