Mon, Sep 29 2008, 09:09 GMT
by Stoyan Mihaylov
Current level-1.4346
EUR/USD is in а corrective phase, after finalizing the slide from 1.6039 (15 July 2008) at 1.3882. Technical indicators are reversed and rising, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5256 and 1.5220.
After breaking above 1.4159, the pair confirmed a significant bottom, situated at 1.3882 and that currently a broader consolidation is on the run, towards 1.50+.
The consolidation since 1.4865 appeared to be larger than expected and recently dipped to 1.4308. We still favor the outlook, that current slide is a corrective pattern, preceeding rise towards 1.5210. Intraday allow further drowning to 1.4269 before finalizing the impulse from 1.4681.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.4436 | 1.4512 | 1.4681 | 1.53+ |
| Support | 1.4310 | 1.4269 | 1.4141 | 1.3882 |
__________
Current level - 106.12
The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 100.01. Trading is situated between the 50- and 200-day SMA, currently projected at 106.01 and 107.96.
With Friday's low at 105.01 the pair has finalized the corrective pattern, that unfolds above 103.55 and currently is in the final stage, targeting 108.23. We still hold on to our view, that this corrective phase is preceeding a sharp decline towards 102.63 and 100.01, but first it has to reach peak around 108.01-23.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 106.96 | 108.23 | 109.10 | 110.26 |
| Support | 105.12 | 104.61 | 102.63 | 100.00 |
__________
Current level- 1.8103
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.80+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.9199 and 1.9645.
Last week's quick advance above 1.8640 failed to go anywhere near our ideal target at 1.8802 and peaked at 1.8669. We believe, that the whole rebound from 1.7446 has been completed at that level and the general downtrend is renewed with first target at 1.7912, en route to 1.7446. Intraday resistance comes at 1.8261.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.8261 | 1.8446 | 1.8802 | 1.9131 |
| Support | 1.8061 | 1.7912 | 1.7912 | 1.7446 |
Published on Mon, Sep 29 2008, 09:15 GMT
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