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AceTraderFx Sept 4: Daily Technical Outlook & Trading Ideals on EUR/USD
DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 04 Sep 2014 00:03GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.3142
55 HR EMA
1.3139
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.3221 - Last Thur's high
1.3196 - Last Fri's high
1.3160 - Y'day's high
Support
1.3110 - Tue's near 1-year low
1.3105 - Sep 13' low
1.3066 - Jul 18 2013 low
. EUR/USD - 1.3149 ... Despite Tue's weakness to a fresh near 1-year low at 1.3110, euro rebounded on Wed on short-covering ahead of Thur's ECB policy decision. Price jumped to 1.3156 on rumors of a ceasefire agreement between Ukraine n Russia. The single currency later rose to 1.3160 in NY b4 retreating.
. Looking at the hourly n daily charts, although euro's recovery fm Tue's low at 1.3110 suggests minor consolidation wud be seen, as long as res at 1.3196 (last Fri's high) holds, the MT downtrend fm May's 2-1/2 year peak at 1.3995 to retrace the entire MT rise fm 2012 bottom at 1.2042 shud resume later for a retest of previous daily sup at 1.3105 (Sep 13' low), then 1.3066, this is a minor daily chart sup as well as 100% projection of intermediate fall fm 1.3700-1.3333 fm 1.3433. Having said that, as the hourly oscillators' readings wud display very prominent bullish convergences on this move, reckon 'psychological' sup at 1.3000 wud hold n bring a long overdue minor correction.
. Today, selling on recovery in anticipation of one more fall is favoured, however, profit shud be taken on next decline. Abv said 1.3196 res wud risk correction to 1.3221, a daily close abv there wud yield stronger gain twd 1.3271.
DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 04 Sep 2014 00:03GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
1.3142
55 HR EMA
1.3139
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.3221 - Last Thur's high
1.3196 - Last Fri's high
1.3160 - Y'day's high
Support
1.3110 - Tue's near 1-year low
1.3105 - Sep 13' low
1.3066 - Jul 18 2013 low
. EUR/USD - 1.3149 ... Despite Tue's weakness to a fresh near 1-year low at 1.3110, euro rebounded on Wed on short-covering ahead of Thur's ECB policy decision. Price jumped to 1.3156 on rumors of a ceasefire agreement between Ukraine n Russia. The single currency later rose to 1.3160 in NY b4 retreating.
. Looking at the hourly n daily charts, although euro's recovery fm Tue's low at 1.3110 suggests minor consolidation wud be seen, as long as res at 1.3196 (last Fri's high) holds, the MT downtrend fm May's 2-1/2 year peak at 1.3995 to retrace the entire MT rise fm 2012 bottom at 1.2042 shud resume later for a retest of previous daily sup at 1.3105 (Sep 13' low), then 1.3066, this is a minor daily chart sup as well as 100% projection of intermediate fall fm 1.3700-1.3333 fm 1.3433. Having said that, as the hourly oscillators' readings wud display very prominent bullish convergences on this move, reckon 'psychological' sup at 1.3000 wud hold n bring a long overdue minor correction.
. Today, selling on recovery in anticipation of one more fall is favoured, however, profit shud be taken on next decline. Abv said 1.3196 res wud risk correction to 1.3221, a daily close abv there wud yield stronger gain twd 1.3271.
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