The currency 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.
Previous week was totally positive for the pair, as it advanced well above 1.5767. We think there is no chance , that the recent rise from 1.5301 is a corrective one, so a break above 1.5844 is expected to challenge 1.5915 and 1.6019 later on. Breaking beyond 1.5844 will signal, that the general uptrend has been renewed, for 1.6131 and 1.6566 in the weeks to come. Still there is no confirmation, that the corrective phase after Friday's 1.5838 has ended and we think, that one more downward leg to 1.5693-5710 is needed before advancing towards 1.6135. Today's strategy: Stand aside.
02 July 2008 Current level - 106.05 The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are flat 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 acceleration of the downtrend has denied the possibility, that a final spike high around 109.30 is still possible and it is clear, that a mid-term top is set at 108.59 and current slide is aiming at 102.63 and 100.06 later on. Current consolidation after the 104.98 local bottom is almost complete, but until 105.19 holds, one more upmove to 106.71 can not be ruled out. So keep trading the range and be ready to sell on a break below 105.19 for 102.63. Today's strategy: Trade the 105.19-106.71 range and keep in mind, that the breakaway will surely be on the downside.
The pair is in a broad consolidation above 1.9338 and below 2.0397. Technical indicators are flat on the higher time-frames and trading is situated between the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982.
Yesterday's local top st 2.0007 fell a little bit short of our target at 2.0028, but we think, that a minor top was st at that level, completing the rise from 1.9654. Our idea will be confirmed by a break below 1.9885, so for today we will expect a downtrend to emerge from current levels, targeting 1.9801-1.9791, being a part of the corrective structure after 2.0007. Today's strategy : Sell at current levels, stop above 2.0007, target 1.9801.
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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