EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.3064 and 1.3524.
The bias here remained positive and the pair is in a clear uptrend, well supported at 1.4145 and 1.4055 on the 4h chart. A break below 1.4092 is needed to confirm, that a top is in place and while the pair holds above 1.4145, the outlook remains bullish.
Current level - 94.65
A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated below the 50- and 200-day SMA, currently projected at 98.13 and 97.75.
The pair was unable to hold below 94.09 resistance and currently the focus is set on 94.88 again. If that level remains intact, we will expect a slide towards 93.20, en route to 91.72.
Current level- 1.6466
The pair is in an downtrend, after peaking at 1.6746. Trading is situated above the 50- and 200-day SMA, currently projected at 1.4778 and 1.5510.
Today's break above 1.6415 neutralized the bearish outlook and the pair is in a clear uptrend for 1.6547, well supported above 1.6460. We still expect a reversal around current levels, but in fact there are no signs of changing the direction yet and a break below 1.6375 will be the first sign, that a top is in place. Meanwhile, the bias remains positive with current support around 1.6460 and with critical level below 1.6374.
DeltaStock Inc. - Online Forex & Securities Broker