EUR/USD is in an uptrend from recent bottom at 1.5301, that was the final of the prolonged consolidation since 1.5909 (17 March 2008). Technical indicators are slowly rising and trading is situated above the 50- and 200-Day SMA, currently projected at 1.5609 and 1.5095.
240 min. chart
Yesterday's uptrend managed to climb above March's all-time high at 1.6019, but lost ground and sharply reversed, breaking back again below 1.5950 support, thus setting a final of the rise from 1.5610. Of course this sell-off has no power to change the short-term direction and the fact, that the pair is heading towards 1.6216 and probably 1.6566. From an intraday point of view, obviously there is a downtrend from 1.6018 (failed after 1.6039) and the rebound from 1.5864 is only a corrective one, so later today expect next downward leg to emerge from 1.5950, towards 1.5802-40 support. Crucial is 1.5990, as if the pair breaks above that level, next target will be 1.6216. Today's strategy: Sell rallies to 1.5950, S&R above 1.5989, target seen at 1.5836.
16 July 2008 Current level - 104.05 The pair has finalized its corrective uptrend from 95.75 mid-term bottom with the recent top at 108.59. Trading is situated below the 50- and 200-day SMA, currently projected at 105.81 and 107.25.
240 min. chart
The downtrend from 107.74 is intact and evolving nicely so far, as the recent bottom at 104.16 was just a local one and provoked a minor corrective phase to 105.09 after which the sell has been renewed for 102.63. Current resistance lies above 104.26 and reliable support is seen at 102.75. Today's strategy: Sell rallies to 104.08, stop above 104.51, target seen at 103.01.
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 above the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982.
180 min. chart
Having topped at 2.0154 the pair entered in a consolidation phase above 2.0007 before renewing the uptrend towards 2.0274. We think, that the recent test of the 2.0007 support is enough and the upmove is ready to continue beyond 2.0098, towards 2.0274. Today's strategy : Stand aside.
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