Yesterday's break through 1.3220 led to acceleration of the downtrend and the bias remains bearish, for a slide towards 1.3000 area. Initial intraday resistance lies at 1.3150, followed by 1.3220.
There is a lack of reaction below 1.1830 resistance and my outlook is positive, for a break through the mentioned area, towards 1.1940 zone. Initial support lies at 1.1790.
The bias remains positive after the break through 1.1830 resistance and my outlook is bullish, for a rise towards 1.1940 area. Crucial on the downside is 1.1790 area.
The bias is still bearish, for a tight test of 111.50, with a risk of a dip to 111.00. The latter should provide a reliable base for another upswing towards 114.50 area. Trigger on the upside is 112.25 high.
The reversal at 114.20 signals a risk of another test at 113.05, but my outlook is counter-trend against the mentioned support, for a rise towards 115.50.
The acceleration of the slide from 1.1837 during the ECB press conference broke through 1.1720 crucial static support, showing a completion of the prolonged consolidation pattern above 1.1660. The overall outlook is bearish on the senior frames, for a slide towards 1.1480 and 1.1300 area. Intraday resistance lies at 1.1660, followed by the break-out level at 1.1720.
Current rebound after 1.1572 low should be considered corrective, preceding another leg downwards, to 1.1480 zone. Initial resistance lies at 1.1660, followed by the crucial break-out zone at 1.1720.
The rebound after 1.1570 is still underway, with a risk of breaking higher, towards 1.1700-1720 static resistance. The latter should cap the upside and is expected to initiate a start of another sell-off, towards 1.1480 and 1.1300.
