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 1.5583.
The downtrend from recent peak at 1.5909 is still pretty strong and will probably aim at 1.5586 before exhaustion. We think, that current sell-off is just a part of a consolidation pattern since 1.5909 and the pair will manage to stay above 1.5583 for fluent rise towards 1.5722. Crucial for this idea is 1.5461, as if we see a break below, it will be clear, that a new downswing has began at 1.5909, aiming at 1.5283. Today's important resistance is 1.5653, as a break above that level will set local bottom, finalizing the slide from 1.5909. Today's strategy: Stand aside.
07 July 2008 Current level - 107.56 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.
We still prefer the idea, that the rebound from 104.98 is only a corrective one, but a break below 106.60 is needed to confirm it. As the pair advanced beyond 107.12 we are rather neutral, than bearish, so will wait for a break below 106.61 or above 108.44 to clear up the picture. Today's strategy: Stand aside.
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.
The downtrend from 2.0007 is obviously a part of a larger corrective pattern and will probably aim at 1.9683 before reversal and climbing back again above 1.9912. For today expect spike low to 1.9683, where an uptrend should emerge, towards 1.9801 and 1.9912 later on. Important is 1.9751 and 1.9845 (on the higher frames), support can be found at 1.9683 and 1.9638. Today's strategy : Buy around 1.9690, stop below 1.9585, first target seen at 1.9841.
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