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 1.5609.
Still consolidating above the 1.5461 support, so allow one more test around that level before advancing towards 1.5709. The overall bias stays negative against 1.5844 and we hold on to our expectations, that one more downward attempt lies ahead, to 1.5211. Intraday expect increased volatility, due to the expected ECB President Jean Claude Trichet's statement at 08:30 (GMT) and FED's rate announcement and FOMC's statement later today at 18:15 (GMT). Today's strategy: Stand aside.
25 June 2008 Current level - 107.93 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.
As 107.12 appeared to be strong support level, the pair has renewed its general uptrend for new highs above 108.59. Minor consolidation is expected below 108.44, but have in mind, that potential target of the current upmove is 109.33. We will keep our mid-term view for a reversal around 108.66-109.51, but a clear downtrend on the lower time-frames is needed to confirm such an idea. Today's strategy: Stand aside.
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 : Stand aside.
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