The Euro’s near-term tone weakened, as the price failed to clear psychological 1.37 barrier after brief probe above recent range top at 1.3686 and subsequent easing cracked range’s lower boundary at 1.3636. Hourly studies turned negative, with downside risk towards Fibonacci 50% and 61.8% of 1.3547/1.3698 upleg, being in play. On the other side, overall picture remains bullish, with positive 4-hour conditions being supportive for renewed attempt higher, once corrective phase is completed. Dips should be contained at / above 1.36 handle, also trendline support, to keep the scenario valid. Otherwise, risk of lower top formation at 1.3698 and return to initial support at 1.3550, 09/01 low / daily 100DMA, will remain on the table.
Res: 1.3643; 1.3657; 1.3689; 1.3700
Sup: 1.3600; 1.3583; 1.3567; 1.3552
Cable remains in near-term directionless mode, trading within 1.6510 and 1.6336 range, with the price action moving below range’s midpoint. Hourly studies are losing traction after yesterday’s rejection at 1.6463, with 4-hour technicals being in neutral mode. This sees potential for prolonged sideways trading, with break of either boundary required to define near-term direction. Positive daily studies keep the upside focused, however, loss of initial support and higher base at 1.6340 zone, as well as psychological 1.6300, also Fibonacci 61.8% retracement of 1.6212/1.6602, would undermine the structure and risk deeper pullback.
Res: 1.6400; 1.6426; 1.6463; 1.6490
Sup: 1.6375; 1.6366; 1.6336; 1.6300
The pair regained strength on yesterday’s bounce from fresh low at 102.84, as subsequent acceleration peaked at 104.46 and retraced over 61.8% of 105.34/102.84 downleg. Corrective pullback on overbought hourly conditions should find support around 103.70, near mid-point of entire rally, to keep fresh bulls in play, however, still weak 4hour conditions require caution. Regain of 105 handle to confirm higher low formation and re-focus key barriers at 105.34/43, conversely, slide below 103.70 would risk further weakness and retest of 103.00/102.84 supports.
Res: 104.46; 104.60; 105.05; 105.34
Sup: 104.00; 103.65; 103.46; 103.22
The pair lost ground again after recovery stalled at 0.9083 and subsequent pullback lost 0.9000/0.8980 support, to extend weakness to psychological 0.8900 support. This confirms false break above near-term range and shifts near-term focus lower, as near-term technicals turned negative. Consolidation around 0.89 support is seen on oversold hourly conditions, with corrective rallies to face resistances at 0.8950/70 and 0.9000, previous support and bearish 20/55DMA’s cross, seen capping for now. Extension below 0.8900 handle would risk return to near-term base and key support at 0.8820 zone.
Res: 0.8922; 0.8950; 0.8970; 0.9000
Sup: 0.8879; 0.8842; 0.8819; 0.8800