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.
240 min. chart
With yesterday's dip to 1.5634 it became clear, that the second part of the consolidation since 1.5909 is a more complex one and will take a bit more time than expected. Nevertheless, we feel, that a minor uptrend is on the run and being well supported at 1.5674 it will challenge 1.5793 and probably 1.5824 before reversal. Crucial is 1.5648, as if the pair slides below that level, decline from 1.5728 will be confirmed, targeting 1.5537. Today's strategy: Buy at 1.5686, stop below 1.5648, target is seen at 1.5786.
09 July 2008 Current level - 107.39 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.
240 min. chart
Sharp upward impulse emerged from yesterday's low at 106.26 and with the break above 107.24 it has denied our idea, that there is an impulsive structure from 108.44, by defining the slide 108.44-106.24 as a corrective one. We expect some choppy downwards trading to 106.74, before renewing the rise towards 107.96. 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.
240 min. chart
Yesterday's test of 1.9801 important resistance failed, showing that the corrective downtrend since 2.0007 is still intact, aiming at 1.9583. On the lower time-frames there is a clear downtrend, with 1.9801 being crucial resistance and current target, projected at 1.9583. We will keep our mid-term bullish attitude, but a break above 1.9801 and 1.9912 is needed to bring the bulls back in the game. Today's strategy : Stand aside.
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