The pair has set a local top at 1.5844 completing the corrective structure from 1.5283. Technical indicators are falling. The 50- day SMA is currently projected at 1.5638.
Obviously a local bottom was confirmed at 1.5301 and a corrective phase is on the run, targeting 1.5631 in the next few days. We believe, that with yesterday's high at 1.5551, the first part of the consolidation pattern was completed and a downswing lies ahead, towards 1.5389. Today's strategy: Stand aside.
17 June 2008 Current level - 107.83 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 104.74. 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.
A local top was set at 108.59, finalizing the rise from 106.59. Unfortunately there is no info if that top will be also a final of the 102.74-108.59 rise, as a break below 106.59 is needed to confirm such an idea. Still we expect choppy trading above 107.61, followed by a break below, towards 106.59. Crucial on the upside is the local top at 108.59. Today' strategy: Stand aside.
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.
Nice uptrend so far, but failed to reach the dynamic resistance at 1.9775. We will expect a short corrective phase below 1.9712, followed by a break above 1.9775 for the 1.9851 resistance. Today's strategy : Stand aside.
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