The pair has set a local bottom at 1.5301 completing the corrective structure from 1.5283. Technical indicators are reversed and well above oversold levels. 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 still hold to the idea, that a corrective phase is unfolding from the 1.5551 minor top and this consolidation should aim at 1.5389 before reversal and fluent rise towards 1.5631. Nevertheless the trading activity below 1.5551 is too corrective even in its inner structure, so until 1.5463 holds, a possibility of a direct break through 1.5551 van not be ruled out. So focus on the downside, having in mind that all this is a complex consolidation pattern and be ready to switch to bullish, if 1.5551 gives way. Today's strategy: Sell current levels with a stop/reverse at 1.5553, target is seen at 1.5413, or 1.5631.
18 June 2008 Current level - 108.18 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 also be 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.
The sharp sell-off from yesterday's high at 1.9698 confirmed, that the rise from 1.9411 has ended and probably a corrective phase is on the run. If correct 1.9469 should stay intact and a minor uptrend should emerge towards 1.9624, being a part of the second phase of the corrective structure. Today's strategy : Stand aside.
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Deltastock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Deltastock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Deltastock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.
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