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Weekly Technical Outlook on Major - EUR/USD

Written By AceTrader Team | 2018-04-16 04:13:09 GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
1.2331

55 HR EMA
1.2334

Trend Hourly Chart
Up

Hourly Indicators
Falling

13 HR RSI
51

14 HR DMI
-ve

Daily Analysis
Choppy consolidation to continue

Resistance
1.2422 - Mar 28 high
1.2397 - This week's high (Wed)
1.2348 - Wed's low (now res)

Support
1.2300 - Y'day's low
1.2260 - Mon's low
1.2215 - Last Fri's 1-month low

  • EUR/USD - 1.2332.. Although euro resumed upmove fm Mar's 1-month low at 1.2215 at the start of last week n climbed to a 2-week high of 1.2397, price fell on dovish ECB minutes to 1.2300 on Thur b4 swinging sideways in Fri's session.

  • Looking at the bigger picture 1st, despite resumption of LT uptrend fm 20 17 near 14-year bottom of 1.0341 marginally higher abv Jan's 3-year peak of 1.25 38 to 1.2555 in mid-Feb, subsequent break of Feb's 1.2206 low n then fall to a 7- week trough of 1.2155 at the start of Mar confirms top has been made. Having said that, euro's rally fm 1.2215 Mar's 1.2215 low to 1.2397 last Wed suggests decline fm Mar's 1.2477 high has ended there n price would continue to 'gyrate' inside 1.2555-1.2155 range this week. A rise abv 1.2400/10 would add credence to this view n yield further gain twd 1.2477 but break needed to bring re-test of 1.2555 in Apr/May. Only below 1.2215 risks weakness twd 1.2155, break, 1.2093.

  • Today, euro has shown muted reaction to Sat.'s U.S./Allied missile strikes on Syria, suggesting range trading is in store, as long as 1.2300 holds, upside bias remains, abv 1.2380 would bring re-test of 1.2397 but 1.2422 should cap upside. Only below 1.2300 risks 1.2275/85, however, 1.2260 sup would hold.

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.2388
    2. R2 1.2368
    3. R1 1.2349
  1. PP 1.2328
    1. S1 1.231
    2. S2 1.2289
    3. S3 1.227

 

Author

By AceTrader Team
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