The Euro’s near-term tone turned positive, as extended consolidation broke above triangle resistance and tested the upper border of consolidative range. Hourly indicators moved above their midlines, with bullish momentum being built on 4-hour chart, supporting final attempt through strong resistance at 1.3460/70 zone, previous consolidation floor / daily Ichimoku cloud base / 4-hour 55DMA, to confirm basing attempt and shift near-term focus higher. Extension above key barriers at 1.3546/63, 06/11 lower top / 50% retracement of 1.3831/1.3294, is required to confirm recovery. Otherwise, risk of lower top formation will remain in play, as rejection at 1.3460/70 barrier, would signal prolonged consolidative phase. Initial supports lay at 1.3415/00, while violation of 1.3358, 12/11 low, would weaken the structure.
Res: 1.3455; 1.3472; 1.3500; 1.3546
Sup: 1.3415; 1.3400; 1.3358; 1.3316
Cable eventually broke below strong support and short-term range floor at 1.59 zone, leaving lower top at 1.6116 and extending losses to initial support 1.5850 zone so far. Further weakness is expected to focus psychological 1.5800 support, as the third wave that commenced from 1.6116, could travel to 1.5763, it’s 100% expansion and 1.5751, 17/06 previous peak, to validate wave principles. Confirmation of daily double-top formation supports the notion, as near-term indicators hold in the negative territory. However, consolidative phase may be seen ahead of fresh weakness, as 4-hour studies approach oversold territory. Yesterday’s corrective rally high 1.5944, now offers initial resistance, reinforced by falling 55DMA and former consolidation floor and should ideally cap fresh upside attempts.
Res: 1.5900; 1.5944; 1.5955; 1.6000
Sup: 1.5884; 1.5853; 1.5800; 1.5763
The pair maintains positive sentiment and continues to trend higher, approaching psychological 100 barrier, with bear-trendline, connecting 101.52/100.60 peak, being cracked. Near-term technicals are positive and support the final push towards 100 barrier, above which the next significant resistance at 100.60, 11/09 peak, would come in focus. Consolidative action may delay bulls, as 4-hour indicators approach overbought territory, with 55DMA at 99.35, expected to keep the downside protected.
Res: 100.00; 100.21; 100.45; 100.60
Sup: 99.41; 99.35; 99.09; 98.90
The pair remains under pressure, as fresh extension of near-term downmove from 0.9541, 06/11 high, eventually broke below key short-term support at 0.9280, 30/09 higher low. Full retracement of 0.9280/0.9755 upleg and reversal of over 50% of entire 0.8891/0.9755 recovery rally, keeps bears firmly in play. The notion is supported bearish daily studies. However, overextended technicals of lower timeframes, see consolidative action ahead of fresh push lower. The upside should stay capped by 0.9400 barrier, previous support and 50% retracement of 0.9541/0.9269 descend.
Res: 0.9310; 0.9350; 0.9373; 0.9400
Sup: 0.9269; 0.9250; 0.9221; 0.9200