Current rebound above 1.2350 should be considered corrective and I expect 1.2440 minor resistance to cap the upside, for a continuation of the downtrend towards 1.2220 area. Crucial on the upside is 1.2475 high.
The overall bias remains bearish, for a slide towards 1.3730 and 1.3620 major static support. Key intraday resistance lies at 1.4000 and a violation of the latter will signal another corrective rebound to 1.4175 before drowning towards the mentioned targets.
Yesterday's spike to 1.4065 should be considered an inner part of the consolidation above 1.3835 and although there is an intraday risk of another climb to 1.4090 hurdle, the overall outlook on the senior frames remains bearish, for 1.3620.
Current rebound after 106.83 low is corrective in nature, thus preceding another leg downwards, to 105.90 zone. Key resistance is projected around 108.00-25.
The slide has reached 105.40 support area and next more significant support is projected at 102.40. Crucial on the upside is 106.80 and only a violation of that level will signal a reversal of the current downtrend from 108.70.
The reversal at 105.50 signals a completion of the slide since 109.70, but the pair is still struggling below 106.80 interim resistance. My outlook here is neutral.
The dip below 1.4000 signals a reversal at 1.4060 and the bias is bearish below 1.4000, with a risk of further depreciation towards 1.3850. Trigger on the downside is 1.3950.
The uptrend is still intact, with an intraday support at 1.3860 and there is a risk of another leg upwards, to 1.3970 dynamic resistance. Crucial on the downside is 1.3815 and a violation of that low will signal a slide towards 1.3620.
