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Daily Technical and Business Outlook – EUR / USD

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EUR / USD Daily Technical Outlook

Last updated at Oct 19, 2021 02: 18GMT.

Daily trend chart

Down

Daily indicators

Fall

21 RH EMA

1.1606

55 RH EMA

1.1598

Hourly trend chart

Next to

Hourly indicators

Neutral

13 RH RSI

66

14 RH DMI

+ ve

Daily Analysis

Marginal increase b4 decrease.

Resistance

1.1664 – Prev. 2021 low (August, now res).
1.1640 – October high (4th).
1.1624 – Last week high (Thursday).

Support

1.1572 – Last Thursday is low.
1.1525 – New 14 month low from last Tuesday.
1.1500 – ‘Psychological’ handle.

EUR / USD – 1.1613 .. Although the euro was under selling pressure on that day, it fell 1.1605 (AUS) due to the eur / yen cross sell, the price hit 1.1572 in the European morning b4, rebounding to 1.1613. The euro then hit session highs of 1.1622.

Overall, despite the 2017 euro fm LT rising near the 14-year low of 1.0341 to a new 3-year high of 1.2555 in mid-February 2018, the decline in the euro to an almost 3-year low of 1.0637 in March 2020 signals the correction has ended. Despite setting up an impressive advance to an almost 33-month high at 1.2349 in early January 2021, the subsequent sell at 1.1705 (March) signals the high. Although the euro climbed to 1.2266 in May, the subsequent breakout of 1.1705 to a 9.5 month low at 1.1664 in mid-August signals a major high. Last week’s weakness to a new 14 month low at 1.1530 would prolong the decline in 1.2349 fm MT to 1.1473 but believes 1.1422 could hold the first test. Only abv 1.1664 is likely to win at 1.1745 / 55 b4 down.

Today, the euro’s rebound from 1.1525 to 1.1624 last week confirms that the MT’s downtrend has taken a step forward. low there as long as 1.1572 holds, retracement stronger. At 1.1640 is expected, “bearish divergences” on hourly indicators should cap the price below 1.1664. A firm break of 1.1572 signals a rally over n heads towards 1.1525.

EURUSD


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