WEEKLY TECHNICAL OUTLOOK ON EUR/USD
Last Update At 15 Jun 2014 23:25GMT

Trend Daily Chart
Down

Daily Indicators
Falling

21 HR EMA
1.3541

55 HR EMA
1.3546

Trend Hourly Chart
Sideways

Hourly Indicators
Falling

13 HR RSI
44

14 HR DMI
-ve

Daily Analysis
Consolidation with downside bias

Resistance
1.3620 - Jun 06 low (now res)
1.3602 - Last Tue's high
1.3579 - Last Fri's high

Support
1.3512 - Last Thur's low
1.3503 - Hyn 05 4-month low
1.3477 - Feb 3 low


. EUR/USD - 1.3533... Despite rallying fm a near 4-month low of 1.3503 to 1.3677 in the previous week, euro came under renewed broad-based selling at the start of the week n fell back to 1.3512, however, profit-taking abv 1.3503 lifted price n euro recovered to 1.3579 on Fri b4 retreating to 1.3521 in NY.

. Looking at the hourly n daily charts, euro's weakness to 1.3512 strongly suggests the correction fm 1.3503 has ended at 1.3677 n as long as this reaction high holds, bearishness remains for decline fm May's 2-1/2 year peak at 1.3995 to retrace MT uptrend to resume n yield subsequent weakness to 1.3477 (Feb 03 low). Having said that, as prominent 'bullish convergences' wud appear on the hourly oscillators on such a move, sharp fall below there is unlikely to be seen this week n reckon 1.3445, this is the 'dynamic' 61.8% r of intermediate rise of 1.3105-1.3995, wud hold n bring a much-needed correction.

. Today, although euro may come under pressure on Mon initially, unless euro bears are able to take out 1.3503 sup, odds still favour further choppy sideways move abv there b4 prospect of a downside break later. Below 1.3503 wud encourage for weakness twd next daily obj. at 1.3477 (Feb low).