Daily Technical Outlook & Trading Ideals on EUR/USD: Nov 21, 2014

  DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 21 Nov 2014 00:18GMT

Trend Daily Chart
Down

Daily Indicators
Bullish convergences

21 HR EMA
1.2541

55 HR EMA
1.2533

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
55

14 HR DMI
+ve

Daily Analysis
Choppy sideways trading to continue

Resistance
1.2685 - 61.8% r fm 1.2788-1.2357
1.2602 - Wed's NY high
1.2575 - Y'day's high

Support
1.2505 - Y'day's low
1.2480 - 50% r of 1.2357-1.2602
1.2444 - Tue's low

. EUR/USD - 1.2547... The single currency continued to whip around in intra-day trade on Thur. Despite staging a brief bounce fm 1.2524 to 1.2575, euro briefly dived to 1.2505 after release of downbeat German & EZ PMIs, however, the pair rebounded again to 1.2769 in New York morning b4 moving sideways.

. Looking at the hourly chart n daily charts, despite Wed's brief breach of Mon's high of 1.2578 to 1.2602, subsequent retreat to 1.2505 suggests the early 3-legged corrective upmove fm Nov's 26-month trough at 1.2357 has 'possibly' formed a temporary top there n few days of choppy consolidation is in store, how ever, below 1.2501/05 sup (Tue's NY low n y'day's low respectively) is needed to confirm n yield stronger pullback to 1.2444/51 (being Tue's low n 61.8% r of 1.2357-1.2602). Looking ahead, only breach of pivotal sup at 1.2399 wud indicate MT decline fm May's 2-1/2 year peak at 1.3995 has once again resumed n bring retest of 1.2357 low next week. Abv 1.2602 wud send euro to 1.2622 n later 1.2685, being 50% n 61.8% r respectively of intermediate fall fm 1.2888-1.2357.

. Today, we are standing ahead initially n may give a buy recommendation if price holds abv 1.2505 for a move to 1.2622.