The rebound off 1.2865 has recouped above key area of 1.3051 (neckline MT Double Top) and is now highlighting ST Triple Bottoms off 1.3045 (see graph : potential would be 1.3180/1 .3213/ 1.3225), with daily Downtrendline off 2006 high having been approached (1.3179 today).
1st Support area at 1.3120 (daily envelope + daily ST MA↑), with next levels at 1.3091/ .89 (Friday’s low/ breakup hourly), ahead of 1.3079 (weekly envelope) and 1.3064/ .3045 (previous recovery high/ see graph): ideal area to stay above to keep current bullish bias intact on €.
Resistance area at 1.3175/ .3180 (61.8% 1.3367 to 1.2865/ 1st target off 1.3045), where pause favored. If wrong, 1.3213/ .3225 = 2nd target + daily envelope/ 3rd target off 1.3045: tough on 1st tests.
For in-depth insight on other currency pairs:
- USD/JPY: (119.46): Triple Top off 120.21
- EUR/GBP: (.6730) Has met 1st target of Double Bottom from .6644
- EUR/JPY: (157.10) ST Double Top off 157.24
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