The single currency bounces higher off today’s / last Friday’s lows at 1.2885/76, after consolidating at 1.2900 zone. Fresh gains filled the overnight’s gap, however, lacking strength to regain initial barrier and breakpoint at 1.2950, reinforced by 55 day EMA. Break here and 1.2970/80, Fib 38.2% of 1.3125/1.2876 / 20/55 day EMA’s bearish crossover, is needed to confirm recovery and signal near-term base, for possible attack at psychological 1.3000 barrier. However, 4h chart studies are still in the negative territory and would keep the downside favored as long as 1.2970/80 zone stays intact, with risk seen on slide below 1.2900/1.2880 that would open way for further retracement towards initial 1.2839, Fibonacci support.
Res: 1.2940, 1.2950, 1.2971, 1.3000
Sup: 1.2916, 1.2900, 1.2885, 1.2876
Near-term outlook regains bullish tone, as the pair strongly bounced off today’s higher low at 1.6012 and approached 1.6100 barrier, also Fib 76.4% of 1.6127/1.6000 descend. This averts downside risk and turns near-term focus higher, however, pause in current rally would be seen on overbought hourly studies, with good support seen at 1.6060 zone, previous strong resistance and 4h Ichimoku cloud base that should contain dips in order to keep bullish structure intact. As 4h studies are approaching their midlines, further extension higher gets more credibility, with break through initial 1.6100 hurdle required to confirm and re-open recent double-top at 1.6127/29.
Res: 1.6095, 1.6100, 1.6119, 1.6129
Sup: 1.6060, 1.6042, 1.6012, 1.6000
Repeated failure at 82.80 range top, has triggered fresh pullback below 82.50/20 supports that weakened hourly structure. However, initial recovery signal is seen on hourly Stochastics bounce and RSI starting to point higher, along with 4h chart studies holding positive tone that may prevent the pair of testing initial 82.00 support and 81.70 range floor. Clearance of minimum 82.50 is seen as a trigger for possible fresh attack at 82.80/83.00, key near-term barriers.
Res: 82.36, 82.50, 82.63, 82.83
Sup: 82.10, 82.00, 81.68, 81.58
The pair entered near-term corrective phase, signaled by overbought hourly conditions, retracing so far over 38.2% of 0.9254/0.9381 rally and testing important 0.9320 support. As hourly studies slid into negative territory, the downside remains vulnerable, however, while psychological 0.9300 support and bullish 20/55 day EMA’s crossover stays intact, hopes for fresh rally exist. Ideally, reversal at 0.9320/00 zone, would keep initial bulls off 0.9250 zone in play, with regain of important 0.9400 barrier, required to confirm and resume recovery. Otherwise, slide below 0.9300 would confirm bears are taking control for possible re-visit of 0.9239, 03 Dec low.
Res: 0.9350, 0.9368, 0.9381, 0.9400
Sup: 0.9325, 0.9315, 0.9300, 0.9284