The pair has set a local bottom at 1.5301 completing theslide from 1.5844. Technical indicators are reversed and well above oversold levels. The 50- day SMA is currently projected at 1.5613.
Obviously a local bottom was confirmed at 1.5301 and a corrective phase is on the run, targeting 1.5635 in the next few days. With yesterday's attempt at 1.5461 we saw the final of the consolidation below 1.5551 and the third part of the corrective structure is on its way, towards 1.5635. From a larger point of view, the rebound since 1.5301 is still a corrective one, so we'll expect a reversal around 1.5635-49 for the next leg downwards, to 1.5211. Intraday expect ranging above 1.5536 before breaking beyond 1.5586, aiming at 1.5635. Today's strategy: Buy on a dip to 1.5537 with stop below 1.5473, target is projected few pips below 1.5635.
19 June 2008 Current level - 107.49 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. As expected the pair is heading downwards, to the 106.59 support, but should keep in mind, that the structure is too corrective and there is still a risk of violating the 108.59 local top. 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 1.9680 and 1.9992.
As expected the pair built reliable support at 1.9477 and reached our target at 1.9615. Still there is more to come, as real resistance comes at 1.9651, where a reversal should be expected, for the third part of the consolidation pattern, evolving from 1.9698 and it will aim at 1.9486 later today. All these sharp swings are not denying the fact, that the pair is still in the broad range above 1.9338 and particularly below 1.9851. Today expect a reversal around 1.9651, that will set the beginning of the final downswing towards 1.9486. Today's strategy : Sell at 1.9649, or either below 1.9591 with stop at 1.9698 or at intraday high and target 1.9498 in both cases.
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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