Yesterday's rebound above 1.5753 is the beginning of a new wave upwards, heading for a break through 1.5912, en route to 1.60+ sentiment area. Initial intraday support is projected at 1.5799 and I expect current minor consolidation below 1.5836 to be limited above that area.
Although yesterday's dip to 1.2519 signals, that the bullish momentum is fading, but the overall outlook on the mid-frames is still positive, for a break through 1.2589, en route to 1.2690. An eventual intraday break below 1.2520 could risk one more drowning to 1.2430 support area.
Although the intraday bias is negative below 1.2520 minor resistance, I believe, that yesterday's sell-off from 1.2560 was just the final part of the consolidation pattern after 1.2589 high and my outlook is bullish, for a break through 1.2520, en route to 1.2590 and 1.2690 later on. Major crucial support on the downside is 1.2430, as it guards the bullish bias on the senior frames.
The outlook here remains positive, for a rise through 1.5912 high, towards 1.6010. Crucial intraday support is projected at 1.5830, followed by the major hurdle at 1.5740.
The bias continues to be positive above 1.2601 intraday support and the pair is set for a break through 1.2637 high, towards 1.2690-2700 resistance area. Major static support is still 1.2560, as crucial for the overall uptrend continues to be 1.2493 low.
Yesterday's break below 1.2560 static support confirms a top is in place at 1.2637 and my outlook is negative, for 1.2490, en route to 1.2420. Initial resistance is projected at 1.2560.
After yesterday's minor corrective pattern to 1.5880, the uptrend has been renewed, currently heading towards 1.6040 target area. Initial minor support is projected at 1.5942 and crucial on the intraday frames is 1.5923.
Friday's break above 1.2650 dynamic projection unleashed an impulsive rise and current high at 1.2817 sets the beginning of a consolidation pattern, preceding next leg upwards, to 1.3000 resistance area. My intraday outlook is negative, for a slide towards 1.2720. Crucial support on the downside is 1.2650 break-out zone.
The overall bias here continues to be bullish for a break through 1.6040, en route to 1.6125 dynamic resistance. Crucial intraday support is projected at 1.5998 and a slide below that level will signal a deeper corrective pattern for a tight test of 1.5909-20 support area.
The uptrend here is intact, heading towards 1.3000 major resistance, with a crucial level at 1.2815 low. With respect to the senior frames I favor a reversal below 1.3000 area to initiate a larger corrective pattern for 1.2700-2650 support zone.
Yesterday's break through 1.3000 sentiment area signals, that the uptrend is absolutely intact and my outlook is bullish for the next resistance area at 1.3280. Initial support is projected at 1.2967 and crucial on the downside is 1.2854 low. The intraday bias is already negative, for a test of 1.2967 support area.
Current minor slide below 1.6256 should be considered corrective and although the intraday bias is negative for a test of 1.6177 support area, the overall outlook is still bullish for 1.6300 major resistance. Crucial on the downside is still 1.6068.
Yesterday's slide through 1.3085 signals, that a "double top"formation is in place at 1.3169 and the whole rise from 1.2500 is already over. The pair is in a corrective phase and the intraday bias is negative below 1.3085, for a slide towards 1.2940 support area.
Current slide fulfilled a precise test of 1.2940 support, but the rebound is by all means a corrective one and the bias is negative below 1.2997 resistance, for another wave downwards, to 1.2815 support area. Crucial on the upside is 1.3030 dynamic projection.
Yesterday's low at 1.2919 is probably a final of the whole corrective downtrend from 1.6170 and my outlook here is bullish, for a break through 1.3085, towards 1.3170, en route to 1.3280 major resistance. Crucial on the downside is 1.2919.
Friday's rise peaked at 1.3050 and the failure to break above 1.3085 is a signal, that the overall negative bias since 1.3170 is still intact and my outlook is bearish, for 1.2815 support. Initial resistance is projected at 1.2970 and crucial on the upside will be 1.3050 high.
Yesterday's downtrend has bottomed at 1.6135 and current rebound is testing 1.6210 resistance area. Although the slide from 1.6308 is still intact with a crucial level at 1.6265, I am tempted to expect a reversal, for a break through 1.6265, en route to 1.6308 and 1.6430. Major support on the downside is projected at 1.6040-50.
