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. Today's spike-high at 1.5761 obviously has set the final of the minor uptrend from 1.5659, but there is still not enough info about the major corrective wave since 1.5610. Only a break below 1.5633 will show, that the pair is already in the third, downward phase, towards 1.5537. Until this comes true, we will favor the idea, that there is one more high to come, above 1.5761, in the 1.5796-1.5824 zone. Today's strategy: European session: Sell rallies to 1.5731, stop above 1.5751, target 1.5675. American session: Buy dips to 1.5668, stop below 1.5633, target at 1.5786.
10 July 2008 Current level - 107.25 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 Tuesday'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. The expected downswing to 106.71 is already a fact with yesterday's 106.67 and today's rise will challenge 107.58. Minor consolidation is expected below, before breaking above 107.66. 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
1.9801 resistance gave way, but local top was set below 1.9845 and a consolidation on the hourly frame is what we can expect until BoE announces its interest rate decision later today at 07:00 NYT. Market expectations are for keeping the rate at 5%, which is actually calculated in current prices and will not cause mush volatility during the announcement. Today's strategy : Stand aside.
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