Daily technical and trading outlook – EUR/USD
|
Last Update At 26 Nov 2021 01:27GMT.
Trend daily chart
Down
Daily Indicators
Oversold
21 HR EMA
1.1213
55 HR EMA
1.1258
Trend hourly chart
Sideways
Hourly Indicators
Turning up
13 HR RSI
58
14 HR DMI
+ve
Daily analysis
Choppy consolidation to continue.
Resistance
1.1274 - Tue's high.
1.1255 - Wed's high,
1.1230 - Thur's high.
Support
1.1187 - Wed's fresh 16-month low.
1.1169 - 2020 Jun 15 low.
1.1139 - 70.7% r of 1.0637-1.2349.
EUR/USD - 1.1224. Euro traded narrowly abv Wed's fresh 3-year trough at 1.1187 n edged higher FM 1.1196 (AUS) to 1.1230 in Europe b4 inching lower to 1.1296 in holiday-thin N. American session due to US Thanksgiving holiday.
On the bigger picture, despite euro's LT upmove FM 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, decline to a near 3-year 1.0637 low (Mar 2020) signals correction has ended. Although euro staged a rally to a near 33-month 1.2349 peaks in early Jan 2021, subsequent selloff to 1.1705 (Mar) signals top is made. Euro's rebound to 1.2266 in May, then break of 1.1705 sup to a 14-month trough of 1.1525 in Oct signals a major top is made. As price has fallen last week after a rally to 1.1692 in post-ECB Thur, Fri's sell-off to 1.1250 would head to 1.1169, oversold readings on daily indicators would keep price abv 1.1008/18 this month. Only abv 1.1434 risks gain to 1.1514.
Today, intra-day rebound would bring sideways swings n abv 1.1230 may risk stronger retracement to 1.1255, however, as hourly oscillators would be in o/bot territory on such move, res at 1.1274 should hold n yield another fall. Below 1.1187 extends downtrend to 1.1169, then two 1.1139 on Mon.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.