The single currency’s break above four-day 1.3300/1.3400 consolidation, averts downside risk and signals basing attempt at 1.3300. Initial barrier at 1.3440, Fib 61.8% of 1.3518/1.3305 / 4h Ichimoku cloud base, comes under pressure, with break here expected to open more significant resistance and pivotal point at 1.3500 zone, 50% of entire 1.3710/1.3305 descend at 1.3508 and 13 Feb lower high at 1.3518, above which to confirm near-term base and open way for stronger recovery. Improved 4h chart studies support the notion, with previous barrier at 1.3400, now offering initial support, reinforced by 55 day EMA. However, underlying bear-trend keeps risk of lower top and fresh weakness, as long as 1.3518 stays intact.
Res: 1.3437, 1.3468, 1.3508, 1.3518
Sup: 1.3400, 1.3381, 1.3354, 1.3327
Near-term bears remain fully in play, as the pair continues to post fresh lows, with the latest seen at 1.5413, just ahead of our next target at 1.5400/1.5390 zone. Near-term focus remains at key supports at 1.5267/33, med-term range lows, with upside being protected at 1.5500/50 and only breaks here would signal pause in current descend, for some corrective action.
Res: 1.5460, 1.5500, 1.5550, 1.5571
Sup: 1.5413, 1.5400, 1.5392, 1.5320
Near-term consolidative range remains intact, with neutrals tone seen on near-term studies, as the price holds around the mid-point of 92.00/94.45 range. From the other side, reversing daily studies may question bulls, with loss of 92.00 base, required to confirm and bring bears in play. Otherwise, bullish continuation above 94.45, would look for test of our near-term target at 94.97, May 2010 high.
Res: 93.80, 94.00, 94.21, 94.40
Sup: 93.13, 93.00, 92.68, 92.21
Near-term bulls are losing traction after failure to sustain gains above recent range top at 0.9200. Subsequent slide below range floor and initial support at 0.9200 softens the near-term structure. As 4h chart indicators are attempting below the midlines, increased risk is seen towards pivotal 0.9150/40 support, loss of which will be bearish. Conversely, holding above the latter, would keep hopes of fresh rally in play, however, clear break above 0.9256 is required to confirm bullish resumption for test of psychological / 76.4% of 0.9387/0.9020 and daily Ichimoku cloud top at 0.9300.
Res: 0.9229, 0.9256, 0.9300, 0.9323
Sup: 0.9182, 0.9150, 0.9140, 0.9100