Home Correction trading Daily Technical and Trade Outlook – EUR/USD

Daily Technical and Trade Outlook – EUR/USD

0

Daily EUR/USD Technical Outlook

Last updated at April 21, 2022 00:25GMT.

Trend ofilys map

Down

Daily indicators

Bullish convergences

21 HR EMA

1.0839

55 HR EMA

1.0822

Trend hourly chart

Next to

Time indicators

Evict

13 HR RSI

54

IMD 2 p.m.

+ve

Daily analysis

Initial retirement recovery b4

Resistance

1.0923 – Last game high
1.0894 – Wednesday high in New York
1.0867 – Wednesday high

Support

1.0822 – NY Low Wednesday
1.0783 – Tuesday NY low
1.0758 – Near 2-year low last Thursday

EUR/USD – 1.0842. Although the euro traded tightly in Asia on Wednesday, intraday weakness in the USD led by the yen pushed the price higher to 1.0822 n euro rallied to 1.0867 in Europe b4 swinging wide laterally but jerkily during the New York session.

Overall, despite the Euro’s long-term rise in 2017 from near a 14-year low of 1.0341 to a new 3-year high of 1.2555 in mid-February 2018, the decline to a nearly 3-year low of 1.0637 (March 2020) signals that the correction is over . Although the Euro staged a rally towards a nearly 33-month high of 1.2349 at the start of January 2021, the subsequent sell-off at 1.1705 (March) signals that the top has been reached. The breakout of the Euro at 1.1705n and then weakness at a 22-month low at 1.0807 in early March would put pressure on the price towards the 2020 low at 1.06 37 (March). Last week’s weakness at 1.0758 would pressure the price to 1.0691, however, “bullish convergences” on the daily indicators should keep the price well past the psychological handle at 1.0500. On the upside, only abv 1.0938 is likely to retrace. twd 1.0184.

Today, Wednesday’s rally around 1.0834 res to 1.0867 confirms that the recent downtrend has made noise. lower at Thur’s last nearly 2-year low at 1.0758, as long as 1.0822 holds stronger comeback. twd 1.0894 can be seen but o/bot readings on the hourly oscillators should cap the euro below 1.0923. Below 1.0807, we would be heading towards 1.0758/62.