Near-term sentiment turned negative, as the pair lost ground again after brief correction and basing attempt failed. Upside rejection above 1.2600 and subsequent reversal that resulted in loss of near-term footstep at 1.2500, opened way for extension of broader downtrend, with 1.2439 low seen so far. As more negative news come from the Eurozone, the outlook for the single currency remains bleak, with short-term focus turning towards 1.2150, June 2010 low and retest of 1.2000, not ruled out in the coming weeks. Previous base at 1.2500, now offers initial resistance, while any stronger corrective action requires break above 1.2600 zone.
Res: 1.2480, 1.2500, 1.2515, 1.2550
Sup: 1.2439, 1.2400, 1.2380, 1.2350
Cable dipped below temporary support zone at 1.5640, approaching next significant support at 1.5600, 12 Mar low and the last strong hurdle on the way towards 1.5233, 13 Jan yearly low. As bearish tone continues to drive the price lower, possible bounce higher would occur on oversold near-term studies. Previous lows at 1.5630/40 zone offer initial barriers, while any stronger gains are seen limited at 1.5700/50 zone for now.
Res: 1.5600, 1.5630, 1.5640, 1.5654
Sup: 1.5561, 1.5550, 1.5530, 1.5500
The pair breaks below near-term triangle support at 79.40, as corrective action off 79.00 stalled at psychological 80.00 barrier and subsequent weakness, followed by narrow consolidation, lost momentum. Immediate focus comes at 79.20, ahead of strong 79.00 support, loss of which to signal an extension of broader downtrend from yearly high at 84.17 and expose 78.60 200 day MA, next. Near-term studies are turning negative after brief neutral-mode movements. On the upside, recent range top at 79.60, offers initial resistance, ahead of more significant 80.00 zone. Only break here would ease bear pressure.
Res: 79.60, 79.70, 79.81, 80.00
Sup: 79.28, 79.20, 79.00, 78.50
Continues to travel north after brief consolidation followed two unsuccessful attempts through 0.9600 barrier, with footstep found above initial support at 0.9530. Clearance of 0.9600 opens way towards our next upside target at 0.9700, figure resistance / 150 day MA. Positive near-term studies remain supportive, however, caution required as MACD bullish divergence appearing on 4H chart and daily studies at extreme levels. Immediate support lies at 0.9600, ahead of 0.9556 and 0.9527 that are expected to keep the downside protected for now.
Res: 0.9653, 0.9700, 0.9743, 0.9773
Sup: 0.9622, 0.9600, 0.9556, 0.9527