Yesterday's test at 1.2080 should be enough for a corrective pullback and my outlook is bearish, for a break through 1.2025 minor support, towards 1.1960 area.
The slide from 1.2090 is still underway and it should target 1.1910 static support. A violation of the latter will expose 1.1710 area. Initial intraday resistance lies at 1.1980.
The test of 1.1910 support zone led to a minor reversal and currently a corrective rebound is underway, but it should be limited below 1.2000 area before drowning towards 1.1810.
The rebound above 1.1910 was capped at 1.2000 area, thus confirming the bearish outlook on the senior frames for a slide towards 1.1810 and 1.1720. Intraday there is still a risk of a second leg to 1.2000 before drowning below 1.1910.
Yesterday's impulsive rise above 1.2000 has neutralized the negative outlook and today's climb above 1.2090 signals, that an uptrend is on the run, with an initial target at 1.2215. Crucial on the downside is 1.2010 zone.
The downtrend is still underway and I favor a slide towards 109.50. Initial intraday resistance lies at 111.00 and crucial on the upside is 111.70 peak.
The reversal at 1.2160 signals a prolonged consolidation pattern and despite the positive intraday bias there is still a chance for a dip to 1.2090 before renewal of the general uptrend towards 1.2500. Key intraday support lies at 1.2217.
I favor the idea, that current slide after 111.50 is the second part of the consolidation phase above 110.20 and another rise should follow, towards 111.70 zone. A break through 110.20 lows will signal, that the corrective pattern is complete and will provoke a slide towards 109.50.
The recent failure at 111.20 signals a completion of the consolidation pattern above 110.20 and the bias is bearish, for a test and break through 109.50, en route to 108.50 zone. Key intraday hurdle lies at 110.50 and crucial on the upside is 111.20.
The intraday bias is negative, for a slide towards 1.2330 major static support and the latter is expected to initiate the next leg upwards, to 1.2800 area.
The climb above 1.2390 signals a reversal of the bearish bias since 1.2540 as market participants are getting ready for today's FOMC meeting. The intraday bias is positive above 1.2390, for another upswing towards 1.2540.
