EUR/USD is in а downtrend from 1.6039 (15 July 2008). Technical indicators are descending and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5428 and 1.5231.
240 min. chart
As expected the pair broke through 1.4670 and 1.4629, reaching local bottom at 1.4570. Significant rebound so far, but we feel no need to change our outlook for 1.4452, until the 1.4908 resistance is intact. So for today expect a minor top to be formed below 1.4816, before downswing unwinds to 1.4661. Keep in mind, that current descending wave seems to be the last one of the downtrend from 1.6037 and is likely to end around 1.4452 dynamic support. Today's strategy: Stand aside.
28 August 2008 Current level - 108.96 The pair is still in the broad consolidation since 95.75 short-term bottom, aiming at 111.03. Trading is situated above the 50- and 200-day SMA, currently projected at 107.09 and 106.62.
240 min. chart
As the pair broke through 109.55 resistance it became clear, that the previous sell-off from 110.66 was just the final leg of the consolidation since 110.37. So with the recent bottom at 108.17 this corrective phase has ended and the uptrend is renewed for 113.01. There is still no confirmation, that the corrective phase below 110.27 has ended, so only above 109.93 the road will be cleared for 111.03. Today's strategy: Stand aside.
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.85 . Trading is situated below the 50- and 200-day SMA, currently projected at 1.9752 and 1.9853.
180 min. chart
After topping at 1.8796, the pair has finalized the corrective phase since 1.8512 and the overall downtrend has been renewed for 1.7934. Yesterday a new consecutive low was reached at 1.8285 and the pair is consolidating above that level, before next leg downwards to 1.8136. Crucial is 1.8589. Today's strategy : Stand aside.
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