12-1-2018 - EURUSD Tech Analysis

[Walid Salah Eldin]

After bottoming out at 1.1915, EURUSD could creep up again to surpass its peak at 1.2092 which has been formed on Sep. 8.

Surpassing this key resistance helped the pair to gain higher momentum by entering new pricing area trigging stop selling orders to be now trading at its highest reached level since Dec. 31, 2014 trading close to 1.2140 right now.

The pair could keep its existence above its daily Parabolic SAR (step 0.02, maximum 0.2) by forming a higher low at 1.1915 and now it is living in its sixteenth consecutive day above this indicator which is reading today 1.1922

EURUSD is now in a higher place above its daily SMA50 and its daily SMA100 which are in intersection currently.

While the pair was still underpinned over longer range by continued being above its daily SMA200 since forming a bottom at 1.0838 on last May. 11.

As the pair could form series of higher lows starting with its formed bottom on the third day of last year at 1.0340.

EURUSD daily RSI-14 is referring now to existence in a higher place inside the neutral region reading 68.388 close to the overbought territory above 70.

EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in its neutral area at 65.373 leading to the upside its signal line which is in this same area at 37.128.


Important levels: Daily SMA50 @ 1.1831, Daily SMA100 @ 1.1832 and Daily SMA200 @ 1.1547

S&R:

S1: 1.1915

S2: 1.1816

S3: 1.1712

R1: 1.2271

R2: 1.2599

R3: 1.2887


Have a good day

Kind Regards

Global Market Strategist of FX-Recommends

Walid Salah El Din

 

[sunflyerman]

24/1/2018
The European currency is above the 1.22 juncture against the U.S Dollar and has not experienced many corrections in the short term. Everyone has their eyes on The European Central Bank regarding delivery of its monthly monetary policy statement and press conference tomorrow, while interest hike is unlikely the investors will want to hear if ECB President Draghi begins to suggest a change in policy will develop over the next six months. And while many investors continue to believe the Euro may effectively add value, a risk management plan should be in place for potential volatility which could erupt near term. Euro looks to have a positive momentum in the short term and mid-term, but nothing can be said about the long term