The single currency holds initial gains above trendline and figure resistance at 1.3000, in a choppy European midday trading, with price action being mainly driven by news. Slight improvement seen on an hourly chart, requires weekly close above 1.3000, to maintain near-term positive tone, however, failure to clear breakpoints at 1.3070/80, also Fib 61.8% of 1.3170/1.2919, would keep the downside risk in play.
Res: 1.3047, 1.3074, 1.3083, 1.3100
Sup: 1.3013, 1.3000, 1.2965, 1.2955
Cable’s sharp acceleration through near-term cap at 1.6270 zone, has cracked our initial target key med-term barrier at 1.6300, posting marginally fresh yearly high at 1.6308. However, gains failed to sustain and the following reversal found footstep at 1.6250 area. As hourly is positive, with 10 day EMA holding the price, near-term structure keeps the upside in focus. Today’s close above 1.6300 is seen as supportive for fresh extension higher, however, any dips should be contained at/above 1.6200, also 4h chart cloud top.
Res: 1.6294, 1.6300, 1.6308, 1.6320
Sup: 1.6265, 1.6253, 1.6226, 1.6200
Near-term price action turned into sideways mode, after sharp reversal off 79.21 top, find ground at 78.00.Narrow consolidation will likely be followed with fresh weakness, as hourly indicators maintain negative tone, with loss of 78.00 handle to re-focus 77.00 zone. Range top at 78.36 offers initial resistance the upside remains capped at 79.00/20 zone for now.
Res: 78.36, 78.45, 78.55, 79.00
Sup: 78.11, 78.03, 77.92, 77.50
The near-term price action gets congested within 0.9280/0.9340 range in a choppy volatile trading. Weakened hourly conditions see the downside still vulnerable, as reversal off yesterday’s corrective rally top at 0.9354 dipped below our initial support at 0.9300, retracing nearly 61.8% of initial 0.9237/0.9354 ascend. Weekly close below here would be another negative signal and turn near-term focus lower. Only regain of recent highs at 0.9342/54, would improve near-term structure.
Res: 0.9335, 0.9342, 0.9354, 0.9400
Sup: 0.9300, 0.9283, 0.9260, 0.9237