As expected, the minor consolidation below 1.6205 resistance was followed by a final spike low for 1.6111, which failed at 1.6140 and the pair reversed, entering a larger corrective phase towards 1.6401. Intraday resistance comes at 1.6296, nearest support is 1.6254, followed by the crucial 1.6220.
We think, that with yesterday's peak at 1.4842 the uptrend from 1.4611 has ended and the pair is entering a corrective phase towards 1.4749, en route to 1.4701. Nevertheless, the overall bias remains bullish and new highs around 1.4911 are to be expected after building a reliable base above 1.4701. Crucial is 1.4611.
Still in the consolidation pattern below 1.4842 and there are no signs of bottoming so far, so allow one more dip to 1.4680 support area before renewing the rise for 1.4911. Crucial remains 1.4611.
Yesterday's break below 1.6111 support area did activate a reversal formation on the daily frame, targeting 1.5352-1.50+ area with crucial level above 1.6458. Intraday bias is positive with a risk limit below 1.5979, targeting 1.6086, en route to 1.6110-30. Current consolidation will aim to correct the slide 1.6467-1.5916.
Recent break below 90.12 provoked a sharp sell-off towards 88.41, thus filling our target at 88.64 and currently the pair is in a corrective phase below 90.34, that should be followed by one more downward test of the 87.12 weekly low. Intraday bias is positive for 89.92 and 90.34 with a risk limit below 89.15. Current consolidation above 88.42 is expected to last minimum 4 trading sessions.
Yesterday's rise peaked below 1.4680 dynamic resistance and the pair reversed, initiating a downtrend for 1.4512, en route to 1.4444. Intraday resistance comes at 1.4647, followed by the crucial 1.4719.
Obviously the consolidation pattern above 1.5766 is not over yet, but while the pair trades below 1.6130 resistance area, the overall outlook will remain absolutely bearish for 1.5352. Intraday bias is negative, but 1.6024 high is not yet confirmed to be the end of the 1.5766-1.6130 ranging pattern. Only a break below 1.5801 recent low will generate a signal for a trend renewal.
As expected, the pair broke below 88.82 dynamic support and aims at 87.12 lows. Intraday resistance comes at 88.61, followed by the crucial 89.05. On the 4 h. chart the crucial level for the downtrend since 97.80 has been changed from 92.50 to 89.99.
Yesterday's rise broke through 1.6010 dynamic resistance and current bias is positive for 1.6130 major resistance area. Intraday support comes at 1.6010-24, followed by the crucial 1.5970. On the larger frames the pair is still in the prolonged consolidation above 1.5766 and a break below 1.5855 will target 1.5352 support zone.
The rise from 1.4650 peaked at 1.4817 and a massive sell-off followed, reaching a temporary low at 1.4703. The overall bias remains positive with a crucial level at 1.4650, so we will expect an uptrend to emerge from current levels, towards 1.4842, en route to 1.4967. Intraday bias is still negative with a resistance around 1.4756 and crucial level at 1.4779.
The downtrend from 1.6130 resistance accelerated and broke below 1.5855 "trigger" point. The consolidation pattern above 1.5766 is already completed on the daily frame, so current focus is set at 1.5352. Resistance comes at 1.5798 and crucial is 1.5884.
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523.
The uptrend from yesterday's lows at 1.4760 is intact and is aiming at our target at 1.4967. Intraday support comes at 1.4850.
The consolidation below 1.4967 is still underway and is expected to target 1.4842 again and probably even 1.4812 important support area. The bias on the larger frames continues to be positive for 1.5104 with support at 1.4812 and risk limit below 1.4681.
A minor consolidation unfolds from recent high at 91.34 and the pair is testing 90.38 support area. The overall bias remains positive for 92.10, but a break below 90.40 can target a deeper slide towards 89.70 dynamic support. A positive trigger on the upside is 90.90.
Yesterday's rise peaked at 1.6446, testing the dynamic resistance on the daily frame. There is a minor downtrend from the mentioned highs, but a break below 1.6250 is needed to confirm, that a top is in place and the focus is finally set on 1.6130 major support.
With the recent peak at 1.5043 most of the major currency pairs reached important support/resistance levels, so there is a possibility, that a top might be in place. Nevertheless, current slide from 1.5043 is still corrective in nature and while 1.4880 is intact, the focus will remain set on 1.5104 reversal area. On the upside, 1.5015 is today's trigger for an upmove towards 1.5104.
Yesterday's test of 1.6490 support failed and as expected, the uptrend has been renewed towards 1.67+ resistance area. Current bias is positive, supported at 1.6660 and with a crucial level at 1.6619. The expected reversal below 1.6752 will be confirmed with a break below 1.6619.
With the break below 1.5009 and 1.4980, 1.5063 is confirmed to be the final of the rise from 1.4478, so currently a downtrend is on the run, aiming at 1.4690, en route to 1.4450. Current pattern above 1.4840 support is corrective in nature and will result in deeper drowning towards 1.4690. Intraday bias is neutral, in the 1.4877-1.4945 range. Crucial on the upside is 1.4980.
The expected reversal in the 92.10-40 area is already a fact and was confirmed with the recent break below 91.57. Current target is set at 90.20 and the bias is extremely negative with an intraday resistance at 91.57-62.
Yesterday's low at 1.4678 marked the end of the downtrend from 1.4841, but the overall bias remains negative, so a brief test of 1.4766 resistance is to be expected, before final spike-low to 1.4636. A break above 1.4766-70 res. will state, that the bottom is already in place and will challenge 1.4840 area.
