The pair has set a local bottom at 1.5301 completing theslide from 1.5844. Technical indicators are neutral. Trading takes place above 50- day SMA, currently projected at 1.5609.
FED's decision to keep the interest rate firm at 2 % was widely expected by market participants, so some shades of the FOMC's statement were the cause for eur/usd's sharp rise to yesterday's high at 1.5686. We think, that current uncertainty will fade pretty soon and the upmove from 1.5461 will loose ground around 1.5709-46, where a reversal should be expected for one more leg downwards, to 1.5283. Intraday expect corrective rebound from the recent peak at 1.5686 to be limited above 1.5614 before advancing towards 1.5721. Today's strategy: Buy on dips to 1.5621, stop below 1.5591, aiming at 1.5709-46 zone.
26 June 2008 Current level - 108.17 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.
The consolidation from 108.59 seems to be a larger one and is likely to transform in a complex corrective pattern, with a one more test of the 106.59-83 support before advancing towards 109.33. From a larger point of view we still believe, that the uptrend from 95.75 is close to a reversal, but there are no clear signs for such an idea at the moment. Intraday expect further drowning to 106.87 after the pair breaks below 107.68. Today's strategy: Sell current levels with a stop above 108.44 and target at 107.12.
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.
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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