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.
As expected the pair managed to stay above 1.5583 and built local bottom at 1.5610, few pips above the 50% Fibb. retracement (1.5301-1.5909) at 1.5604. The rise from 1.5610 is the second part of the consolidation pattern since 1.5909 and will challenge 1.5793 and 1.5824 before reversal and entering the third descending part. Nice correction so far from yesterday's top at 1.5754, so we will expect uptrend to emerge from current levels, targeting 1.5824. Confirmation will come with a break above 1.5735. Today's strategy: Buy current levels with a stop below intraday low and target at 1.5793.
08 July 2008 Current level - 106.83 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. Yesterday's peak at 107.71 looks pretty attractive to be a final of the 104.98 corrective upswing, but that has to be confirmed by braking below 105.79. For today expect acceleration of the downtrend and breaking below 106.61. Today's strategy: Sell below 106.59, stop above 106.93, first target at 105.86, second is TBD later.
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.
Our expectations were confirmed with yesterday's bottom at 1.9651 and we think, that the current advance will be from a larger time-frame and will aim at 2.0274 (Monthly Report). A consolidation is unfolding from the recent peak at 1.9789 and today we will expect a break through that level, towards 1.9912. Today's strategy : Hold yesterday's longs with a target at 1.9902, move stop to entry level and after breaking above 1.9791, at 1.9708.
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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