The pair has set a local top at 1.5818 completing the rise from 1.5283. Technical indicators are neutral. The 50- day SMA is currently projected at 1.5663.
As expected the currency pair found strong resistance around our preffered reversal point at 1.5637 and suffered a sharp sell-off to 1.5410. The inner structure of the activity, that followed 1.5410 is by all means a corrective one, so we will expect it to result in another sell towards 1.5343 and 1.5282. Intraday allow one more swing to the 1.5491 resistance. Today's strategy: Trade the 1.5410-1.5487 range and be ready to sell below 1.5410 for 1.5283.
04 June 2008 Current level - 105.17 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.
Pretty choppy swing trading in the last few days took away some of the key levels on the 120 min. and the 60 min. charts, but nothing's chaged on the higher frames and the pair is still targeting 106.68 before more significant change of the direction. Intraday a consolidation is unfolding from the 105.57 local top, that will challenge 104.72 before reversal and renewing the rise towards 105.87. Today' strategy: Buy on a break above 105.29 for 106.28 with a risk limit below intraday low.
The downtrend from the 2.0397 local top 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.
Still in the corrective phase below the important resistance at 1.9851 with a clear downside bias on the lower time-frames. Our reversal point at 1.9709 worked out pretty well and the pair is on the road to reach the swing target at 1.9551. We will keep our bullish view on the 4 h. chart, aiming at 1.9851 and 2.0225 later on, so stay tuned for a sharp reversal today around 1.9527-51, that will set the beginning of the next leg upwards. Today's strategy : Cash yesterday's short at 1.9551 and buy on a break above 1.9637 for 1.9812-51.
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