The near-term structure weakens again, as today’s attempt towards key barrier at 1.3380 zone, failed at 1.3366 and subsequent weakness pushed the price through trendline support at 1.3330, to test the top of strong support zone at 1.3300/1.3280 so far. This pushes hourly studies towards the negative territory, with similar situation on 4H chart, where indicators are pointing lower. Unless today’s high at 1.3366 is regained, near-term outlook remains in a neutral/negative mode, with risk of losing 1.3300/1.3280 handles for extension towards next significant support and near-term range floor at 1.3250, below which to possibly signal near-term top.
Res: 1.3324, 1.3354, 1.3366, 1.3384
Sup: 1.3300, 1.3277, 1.3265, 1.3250
The pair comes under increased pressure after failing to regain 1.6061, yesterday’s fresh high. Reversal under 1.6000 support, also dented the next support zone at 1.5980/60, also Fib 38.2% of 1.5841/1.6061 upleg. With hourly studies losing momentum, near-term outlook remains aligned towards the downside, with break below 1.5930/25, 5 day EMA / Fib 61.8%, required to sideline short-term bulls. Larger picture, however, maintains bullish tone, as 200 day MA at 1.5850, underpins the price action, with initial target at 1.6100 still in focus.
Res: 1.5991, 1.6000, 1.6045, 1.6061
Sup: 1.5965, 1.5950, 1.5925, 1.5900
The near-term recovery attempt off yesterday’s low at 81.54 holds around initial barrier at 82.20 for now, with regain of momentum seen on hourly chart that may spark further correction towards next significant barrier at 82.60. Negative tone on 4H and daily charts, however, sees no much potential for stronger recovery. While the key near-term resistances at 83.00/30 stay intact, risk exists for further correction and test of 81.05, Fib 38.2% of 79.00/84.17.
Res: 82.22, 82.50, 82.60, 83.00
Sup: 82.00, 81.82, 81.50, 81.05
Near-term price action remains in a choppy range trade, during the past couple of days, as 0.9000 holds the downside and upside attempts stay capped at 0.9069. Hourly studies are neutral, but structure on 4H chart is more negative and sees the current consolidation preceding fresh weakness and attack at key support at 0.8930, as long as 0.9100 zone caps the upside. Negative tone dominates also on the daily chart, after the pair broke below bull trendline drawn off 0.8930.
Res: 0.9046, 0.9069, 0.9091, 0.9100
Sup: 0.9012, 0.9000, 0.8958, 0.8930