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.
Yesterday's peak at 1.2898 provoked a reversal, followed by a drowning to 1.2682. Intraday bias is still negative, but we will keep our view for a break above 1.2898, en route to 1.3328. Crucial on the 4 h. chart is 1.2553.
Current level - 97.87
A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 90.78 and 100.29.
The test of the 96.35 support failed and the uptrend was renewed, reaching high at 97.98. Intraday support comes at 97.32 and we favor a break below that level, that should target 94.64 in the next few days. However, while above 97.32 the bias remains positive for 98.43.
Current level- 1.4212
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.
Although the pair spiked above 1.4578 resistance, a sharp reversal followed, initiating a fast downtrend to 1.4159. Stable resistance is seen at 1.4365 and while the pair holds below that level, the bias will be negative for 1.4020-50 zone.
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