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AceTraderFx Oct 15: Daily Technical Outlook & Trading Ideals on EUR/USD
DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 15 Oct 2014 00:38GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.2664
55 HR EMA
1.2674
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
39
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.2791 - Last Thur's high
1.2769 - Y'day's high in Australia
1.2700 - Mon's hourly res
Support
1.2605 - Last Fri's low
1.2584 - Last Tue's low
1.2500 - Oct's fresh 2-year low
. EUR/USD - 1.2643 ... Despite euro's brief jump to 1.2769 in Aust. y'day on short covering, the pair ratcheted lower in Asia n then dropped sharply to 1.2640 in Europe after a surprise sharp fall in German ZEW economic sentiment. Euro staged a minor recovery to 1.2679 in New York morning b4 falling again.
. Looking at the hourly chart, y'day's selloff strongly suggests correction fm Oct's 2-year trough at 1.2500 has possibly ended at 1.2791 n further 'choppy' consolidation with downside bias wud be seen, a daily close below 1.2605 (last Fri's low) wud add credence to this view n yield re-test of 1.2500 later next week, break wud bring resumption of MT fall fm May's 2-1/2 year peak at 1.3995 to projected downside target at 1.2412 (2.618 times of 1.3995-1.3505 fm 1.3700). On the upside, only abv 1.2791 res brings stronger retracement of MT rise twd 1.2860 (prev. low, now res).
. In view of abv analysis, selling euro on recovery in anticipation of further weakness is favoured. A rise abv 1.2700 wud prolong near term gyration inside 1.2605-1.2791 broad range n another rebound to 1.2769 may be seen, break wud bring another corrective rise to 1.2791.
DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 15 Oct 2014 00:38GMT
Trend Daily Chart
Down
Daily Indicators
Turning up
21 HR EMA
1.2664
55 HR EMA
1.2674
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
39
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
1.2791 - Last Thur's high
1.2769 - Y'day's high in Australia
1.2700 - Mon's hourly res
Support
1.2605 - Last Fri's low
1.2584 - Last Tue's low
1.2500 - Oct's fresh 2-year low
. EUR/USD - 1.2643 ... Despite euro's brief jump to 1.2769 in Aust. y'day on short covering, the pair ratcheted lower in Asia n then dropped sharply to 1.2640 in Europe after a surprise sharp fall in German ZEW economic sentiment. Euro staged a minor recovery to 1.2679 in New York morning b4 falling again.
. Looking at the hourly chart, y'day's selloff strongly suggests correction fm Oct's 2-year trough at 1.2500 has possibly ended at 1.2791 n further 'choppy' consolidation with downside bias wud be seen, a daily close below 1.2605 (last Fri's low) wud add credence to this view n yield re-test of 1.2500 later next week, break wud bring resumption of MT fall fm May's 2-1/2 year peak at 1.3995 to projected downside target at 1.2412 (2.618 times of 1.3995-1.3505 fm 1.3700). On the upside, only abv 1.2791 res brings stronger retracement of MT rise twd 1.2860 (prev. low, now res).
. In view of abv analysis, selling euro on recovery in anticipation of further weakness is favoured. A rise abv 1.2700 wud prolong near term gyration inside 1.2605-1.2791 broad range n another rebound to 1.2769 may be seen, break wud bring another corrective rise to 1.2791.
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