Currently back above daily Downtrendline off year high (1.2794 today), with pair reapproaching the broken channel bottom off 1.2522 (see graph).
1st Support area at 1.2816 (daily envelope), with next levels at 1.2794/ .93 (see above/ weekly ST MA↑), ahead of 1.2772/ .2760 (weekly envelope/ Nov 17 low): tough on 1st tests.
1.2698 = broken LT daily Downtrendline off 2004 high = ideal area to stay above to keep current better mood on € intact and buy on dips strategy.
Resistance area at 1.2877/ .79 (last week high + daily Bollinger top/ daily envelope), with next levels at 1.2900 (Nov 10 high), ahead of 1.2913 (see graph: broken channel bottom): difficult on 1st tests.
If wrong, 1.2939 = Aug 21 high + weekly envelope, where pause expected, amid ST overbought readings.
| SUPPORT | RESISTANCE |
| 1.2816 (daily envelope) | 1.2877/ .79 (daily Bollinger top + see above/ daily env) |
| 1.2794/ .93 (see above/ weekly ST MA↑) | 1.2900 (Nov 10 high) |
| 1.2772/ .60 (weekly envelope/ Nov 17 low) | 1.2913/ .39 (see graph/ see above) |
For in-depth insight on other currency pairs:
- USD/YEN: (118.42) BACK NECKLINE OF MT DOUBLE TOP
- EUR/GBP: (.6761) RETESTED .6794
- EUR/JPY: (151.31) IN CHANNEL OFF 147.72
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