New year high, with move above 1.3317 (monthly Downtrendline off 1992 on synthetic charts) and above 1.3470 (LT daily Downtrenline off 1992 on same charts), with 2004 high of 1.3670 being reapproached.
LT channel top off 1.2877 played Support role in recent corrections (see graph).
1st Support area at 1.3618/ .3605 (daily Short Term Moving Average↑/ daily envelope bottom), with next levels at 1.3586 (daily projection band bottom + break-up hourly), ahead of 1.3560/ .3540 (daily Medium Term Moving Average↑/ current week low): ideal area to stay above to keep current positive Short Term mood intact and buy on dips strategy on €.
Resistance area at 1.3667/ .3670 (new year high/ 2004 historic high + daily envelope top), with next levels at 1.3697/ .37111 (daily channel top off 2005 low + weekly envelope top / daily Bollinger top), where a downwards reaction is favored, amid overextended readings.
For in-depth insight on other currency pairs download PDF below:
- USD/JPY: (118.64): Failed so far to regain the channel off 115.16
- EUR/GBP: (.6811) Testing redrawn Downtrendline
- EUR/JPY: (161.95) Back above the Uptrendline off 150.74
