Yesterday's resistance at 1.2890 was good enough to provoke one final sell-off to 1.2830 and I think, that the consolidation pattern after 1.3170 is already over, so my outlook is bullish, for a break through 1.2970, en route to 1.3170. Initial intraday support is projected at 1.2890.
Friday's test of 1.2970 crucial level has failed and the whole corrective pattern below 1.3170 high remains intact, so my outlook is bearish below 1.2890-2900 resistance, for a slide towards 1.2740. The new crucial level for the downtrend from 1.3170 is 1.2960.
Yesterday's break above 1.2960 crucial level, although short-lived, is a signal, that a bottom is in place at 1.2802 and the whole corrective pattern after 1.3170 high is already over. My outlook is positive, for a rise though 1.2967, towards 1.3080, en route to 1.3170. Minor intraday support is projected at 1.2902, followed by the major hurdle at 1.2877.
Yesterday's activity was pretty corrective in nature, so I favor one more downswing towards 1.2890-2900 area before next wave upwards, to 1.3080. Initial minor intraday support is 1.2935.
With yesterday's break above 1.2967, the outlook here is positive, for a rise towards 1.3080, en route to 1.3170. Major support on the downside is 1.2970 and crucial on the mid-frames is 1.2880.
Today's slide below 1.2997 states, that a top is in place at 1.3070 and the outlook here is bearish, for a break through 1.2960 support area, towards 1.2880, en route to 1.2750. Initial intraday resistance is projected at 1.2997, followed by 1.3030.
Current rebound above 78.08 should be considered corrective in nature and the bias remains bearish, for a sell-off towards 77.42. Initial resistance is projected at 78.60.
The downtrend here is absolutely intact and I expect 1.2906 intraday resistance to limit the upside and to initiate a new wave downwards, through 1.2802, en route to 1.2750. Crucial on the upside is 1.2990.
Current rebound above 1.5976 should be considered corrective in nature, thus preceding one more wave downwards, for a tight test of 1.5930 support area. "Trigger"on the downside is 1.5985 and major static resistance is projected at 1.6065.
The rise from 1.2825 is still intact and the intraday bias is bullish above 1.2945 support, for an upmove towards 1.3070. Crucial on the downside is 1.2920.
I think, that current slide after last week's test of 1.2990 resistance is corrective in nature, thus preceding one more upswing to 1.3050-70. The intraday outlook is positive as well, with an initial support at 1.2920 and crucial level at 1.2890 low.
I continue to think, that the rise from 1.5975 is corrective in nature and I expect a reversal below 1.6150 dynamic resistance to initiate a slide towards 1.5920. "Trigger" on the downside is 1.6060.
Yesterday's break above 1.3070 states, that the bullish bias is still intact and my outlook here is positive, for a rise towards 1.3170. Key support on the downside is 1.3060-70 area.
October 17, 2012 - Current level - 1.6152
No signs of a reversal here and the bias continues to be bullish, as the pair is currently testing 1.6150 dynamic resistance. I expect a break through that area to initiate a rise towards 1.6308. Crucial on the downside is 1.6090.
Current slide after 1.3139 peak should be considered corrective in nature, and with the reliable support at 1.3060-70 zone my outlook here remains positive, for a break through 1.3170 high, en route to 1.3283.
With yesterday's break below 1.3083, the intraday bias here is bearish and the pair risks further depreciation towards 1.3016 and eventually to 1.2980 major support. The overall outlook however remains bullish and I think, that the slide from 1.3139 is corrective, preceding next wave upwards, beyond 1.32+.
Yesterday's test of 1.3085 resistance failed and current outlook is negative, for a break through 1.3012 low, towards 1.2960. Initial intraday resistance is projected at 1.3043, followed by the major one at 1.3085.
Today's sell-off from 1.2997 peak signals, that the downtrend from 1.3139 is still intact and my intraday outlook is bearish below 1.2956, for 1.2885. Crucial on the upside is 1.2997 and a violation of that level will confirm, that a bottom is in place.
Today's break above 1.2997 crucial level shows, that a bottom is in place at 1.2921 low and my outlook is bullish, for a rise towards 1.3085, en route to 1.3170. Initial intraday support is projected at 1.2987 and crucial on the downside is 1.2967.
The outlook here remains positive above 1.6050 support area and current slide below 1.6145 dynamic resistance should be considered corrective, preceding next wave upwards, to 1.6308.
