The pair has set a local bottom at 1.5301 completing theslide from 1.5844. Technical indicators are neutral. The 50- day SMA is currently projected at 1.5613.
Last week's final upswing managed to break through 1.5586 and reached 1.5651, but we will hold on to our view, that one more downswing lies ahead, towards 1.5283 and probably to 1.5211. Intraday dynamic resistance can be found at 1.5541, but crucial is 1.5463, as breaking below will confirm the awaited downtrend from the recent peak at 1.5651. Overall bias is still neutral with a light negative shade, that will transform in a clear descending tendency below 1.5463. Today's strategy: Stand aside.
23 June 2008 Current level - 107.41 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. As expected the pair reached minor support at 107.12 and has rebounded well since, so the stage is set for the next leg downwards to 106.59. Today's strategy: Sell at 107.68 with a stop at 108.05, target above 106.63.
The downtrend from the 2.0397 local top has reached 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.
Local top was reached at 1.9791 and a consolidation is unfolding since, as we expect it to be limited above 1.9579 before renewing the uptrend for a break above the important 1.9851. From a larger point of view, the pair is still in the broad range between 1.9374 and 1.9851, so only a clear break above will set its end. Today's strategy : Sell for 1.9612, stop above 1.9791. Trade the 1.9579-1.9791 range.
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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