New recovery high above channel off 1.3832 (see graph): now retesting the broken inverted channel top off June low (1.4689 today) but currently back below 1.4719 (Dec 18 2008 high + neckline of massive daily Double Bottom), after Reversal Day last Friday.
Support area at 1.4672 (daily envelope bottom), with next levels at 1.4642/ 1.4621 (reaction low hourly+ daily projection band bottom/ break-up hourly), ahead of 1.4595 (weekly envelope bottom): ideal area to stay above to keep current short term mood on €.
1.4459/ .4438 = daily Bollinger midline/ break-up hourly: ideal area to stay above to keep current medium term mood intact on €.
Resistance at 1.4713 (today’s low?), with next levels at 1.4748 (broken weekly Uptrendline off March low), ahead of 1.4768/ .4780 (current recovery high off year low/ daily envelope top), where pause favored.
If wrong, next levels at 1.4825 (daily Bollinger top), ahead of 1.4845/ .4867 (Equality C wave off 1.2457/ Sept 2008 spike + weekly envelope top): tough on 1st attempts, amid overbought readings and threat of bearish divergences in the making.
USD/JPY: (91.52) Back above channel off 97.79
EUR/GBP: (.9053) Has met potential of channel break off .8458
EUR/JPY: (134.45) Back above channel off 138.72
