The pair has built a local bottom at 1.5283 and has advanced well beyond 1.5571. Technical indicators are reversed and divergent. The 50- day SMA is currently projected at 1.5631.
After yesterday's peak at 1.5814 the pair reversed , beginning a downtrend, that has already tested the 1.5683 support. As that support is intact for now, we think it will provoke a rebound for 1.5761, followed by an intraday drowning to 1.5669. The overall bias is still positive and on the higher frames the uptrend is still on the run, targeting 1.5961. Today's strategy: Go long on a break above 1.5814 with a risk limit below intraday's low and target at 1.5961.
23 May2008 Current level - 103.89 The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are rising slowly and the upmove is dynamically supported at 102.36. The inner structure of the rise is by all means a corrective one, so from a larger point of view the overall downtrend from 124.14 is not over yet.
As expected the pair rebounded from 102.68 support zone, reaching high at 104.38. We think, that this sharp rise from 102.73 is probably the last wave before breaking below 102.68, but from an intraday point of view there is potential for one more rise to 104.68. Today' strategy:Wait to go short on a break below 102.73 for 100.82. Intraday go long above 104.16 for 104.68 and a stop below intraday's low.
The downtrend from the 2.0397 local top is still intact and has reached a low at 1.9374. Technical indicators are reversed on the 4 h. chart and the trading is situated below the 50- and 200-day SMA, currently projected at 1.9819 and 2.0044.
As expected, the pair has accelerated its upward movement and reached local top at 1.9850. We think , that only a corrective rebound is unfolding from 1.9850 and it will remain limited above 1.9737 before the next leg upwards to 1.9963. Today's strategy : Buy on a break above 1.9810 for 1.9943, with a stop below intraday's low.
resistance
support
intraday
intraweek
1.9810
1.9961
1.9850
2.0192
intraday
intraweek
1.9625
1.9338
1.9338
1.9196
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