New year high has approached 2nd target of the Medium Term daily Double Bottom off 1.2939 (1.3422), with pair currently back above 1.3320 (monthly Downtrendline off 1992 on synthetic charts), with Key Reversal Day at recent high.
Break-up area of 1.3252 (March 15) played Support role in return action: 1st Support area at 1.3319 (ST low hourly), with next levels at 1.3288 (daily envelope), ahead of 1.3272/ .69 (daily Medium Term Moving Average↑/ daily projection band bottom) and 1.3252 (yesterday low + see above).
1.3240/ .3230 (break-up hourly/weekly envelope): ideal area to stay above to keep current Short Term mood intact on €.
Resistance area at 1.3347/ .3348 (yesterday high/ breakdown hourly), with next levels at 1.3371/ .3380 (daily/ weekly envelopes): tough on 1st tests.
If wrong, 1.3401/ .3412 = daily Bollinger top/ new year high, where pause favored to set in.
For in-depth insight on other currency pairs download PDF below:
- USD/JPY: (118.13): In Triangle pattern
- EUR/GBP: (.6771) Testing the neckline of Double Top
- EUR/JPY: (157.52) Above neckline of ST Double Bottom
