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, Friday's low at 1.2553 was a significant reversal point, empowering a fast rise towards 1.3092 resistance. Intraday bias remains positive, with crucial level at 1.2876, as if we see a break below that level the pair will aim directly 1.2761 support.
Current level - 93.26
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.
As expected, the pair reversed below the 94.64 resistance, reaching low at 92.62. We think, that only a brief consolidation is to be expected above 92.62, before next leg downwards, to 89.82. Crucial on the upside, is of course 94.64.
Current level- 1.4567
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.
Our target at 1.4590 was precisely fulfilled this morning and although there are yet no signs of reversal, we favor one more downswing from current levels, to aim at 1.4160-4050 before next major upmove towards 1.50+. Intraday support comes at 1.4550 and crucial for the current uptrend is 1.4480.
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