Unsuccessful test at 77.65 level and subsequent impulsive move above 78.00 gives us reason to expect an increase to 78.80, while the long term to 83.00.
The massive sell-off of EUR/USD after the unsuccessful test of 1.2400 is yet another confirmation of the continuing bullish momentum of the pair. The fall will continue and will result in a test of the 1.2040 support level. A potential break would eventually lead to a test of 1.1880.
The rebound above 1,2040 low and especially the break beyond the crucial static resistance at 1.2325 at the end of July confirm a major reversal and a final of the downtrend from 1.2745. The outlook on the mid time-frames is positive, for a rise towards 1.2740 and later on for 1.2960. From an intraday point of view, the pair is ready for a break through 1.2410 static resistance, with an initial target at 1.2509. First minor support is projected at 1.2346 and key level on the downside is 1.2305-10.
Nothing interesting here during the last trading sessions as trading remains captured in a tight range between 1.5550 and 1.5655. My outlook is positive, for a break through 1.5642, which will lead to a test of 1.5780 major resistance area. Crucial on the downside is 1.5490.
Although the intraday bias is still negative after yesterday's peak at 1.5684, later today I expect a reversal to initiate a rise through 1.5620, towards 1.5780 major resistance area.
The recent slide below 1.2330 sets the focus at 1.2220 support area and current intraday outlook is bearish below 1.2330 resistance area. On the senior frames, the upmove from 1.2040 is still intact, so I favor a reversal above 1.2220 to trigger a rise towards 1.2509.
A local low has been set at 1.2241 and today's bias is positive, as the pair is currently consolidating below 1.2330 crucial resistance. A break beyond the latter is needed in order to confirm a bottom at 1.2241 and will set the focus back on 1.2443. Initial support is projected at 1.2220 and crucial on the mid-frames is 1.2135.
A reversal has been confirmed at 78.16 low and current intraday outlook is positive for a rise towards 78.75 resistance area. A break beyond the latter will set the focus at 80.10-60. Initial intraday support is projected at 78.37.
Current slide below 1.2325 confirms, that a local top has been reached at 1.2386 and the uptrend from 1.2240 is already over. The overall outlook on the senior frames remains bullish, so I expect 1.2280-90 to limit current pullback and to ensure a reliable support for next wave upwards, toward 1.2440, en route to 1.2510.
I expect current intraday slide to be limited above 1.5620-30 dynamic support and the mentioned area should provide a reliable basis for a rise towards 1.5785 major resistance.
Yesterday's break above 1.2307 confirms, that a bottom is in place at 1.2254 and current outlook is positive, for a rise towards 1.2440, en route to 1.2510. Key intraday support is projected at 1.2315 and I expect the pullback from 1.2374 to be limited above that area.
The pair is set for another test of 1.2385 highs and I favor a break through that area to unleash a rise towards 1.2510. Crucial on the downside is 1.2320 as a violation of that level will terminate the minor uptrend from 1.2288 low and will bring the range back in play.
The uptrend from 78.15 is intact and current minor slide below 79.63 should be considered corrective, preceding next advance towards 80.10-60 area. Key support on the downside remains projected at 79.02.
Yesterday's break above 1.5780 static resistance clearly shows, that the bullish bias is absolutely intact and I expect a continuation of the uptrend towards 1.5980. Current slide below 1.5804 should be considered corrective and I expect it to be limited above 1.5740 intraday support. Crucial on the downside remains 1.5680.
I think, that current high at 1.2572 is a reversal point and I expect a larger consolidation pattern to begin, for a test of 1.2430 support area. My intraday outlook is bearish, so expect a break through 1.2528, towards 1.2480 and later on to 1.2430.
The recent high at 1.2589 is a final of the uptrend from 1.2290 and the pair has entered a larger consolidation pattern, which will set the focus at 1.2430. The intraday bias is already negative, aiming at 1.2485 support.
The corrective slide after 1.5912 peak is still underway and it is heading for a tight test of 1.5745-60 support area. On the senior frames the outlook remains positive, for a rise towards 1.6010. Minor intraday resistance is projected at 1.5850.
Current low at 1.2465 is a final of the consolidation pattern below 1.2589 and a break beyond 1.2537 will confirm, that the uptrend has been renewed, towards 1.2690 target area. Major support on the downside remains the static 1.2430-40 zone.
(now deleted - barjon)
