EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are rising, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4721.
As expected, a larger corrective phase took place above recent low at 1.2511 and it has peaked at 1.2760. We believe, that from 1.2760 the last leg downwards is underway and it should set a final of the whole slide from 1.3090, somewhere in the 1.2479-1.2511 zone. Only a clear break below 1.2421 would jeopardize 1.2330.
Current level - 94.09
The pair has finalized its consolidation above 90.95 at 97.48 and the general downtrend has been renewed, targeting 79.86. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.
Our target at 94.23 was fulfilled and we believe, that with the recent peak at 94.45 the pair is ready for drowning towards 89.80 and 87.12. Crucial is of course 94.64, as if we see a break above that level, the positive bias will be sustained for 95.65 and 97.48.
Current level- 1.4215
The pair is in a larger corrective phase towards 1.60+, after bottoming at 1.3506. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5505 and 1.8341.
Yesterday's break above 1.4321 managed to reach 1.4446 and a sharp reversal followed, dipping to 1.4208. Intraday bias is negative for 1.4020-50 and we hold on o our view, that this level will respond to the test again, provoking an uptrend for 1.4590.
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