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
Tuesday'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. Yesterday's corrective phase was limited below 1.5893 resistance and as expected a sell-off emerged from that level, that spiked low at 1.5781 for a nice rebound to 1.5865. Yet there is no confirmation, that recent bottom at 1.5781 is a final of the slide from 1.6019, so wait for a break above 1.5893 to back up such an idea. Today's strategy: Tiny longs on dips to 1.5811 stop below 1.5781 target is TBD . Keep in mind it's more prudent to wait for an upward pattern to emerge.
18 July 2008 Current level - 106.38 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 advance above 106.27 has rejected our idea for prolonged consolidation between 104.37 and 105.91, so we are rather neutral till we see a break above 107.31, that will set new target at 109.51. Nevertheless we favor the idea, that range bound trading is to be preferred, below 107.10 and above 105.13. 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 above the 50- and 200-day SMA, currently projected at 1.9685 and 1.9982.
180 min. chart
Still consolidating after 2.0154 peak and we are tempted to think, that this minor downtrend is coming to an end soon and a reversal is to be expected around 1.9881-47 for advance towards 2.0067, en route to 2.0145. Today's strategy : Buy on a break above 1.9996, stop below intraday low, first target 2.0061, second is TBD later.
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