The pair continues to move lower after losing key handles at 1.2200, psychological support and 1.2150, June 2010 low. As risk off mode comes fully in play, with mounting fears about Eurozone crisis, the single currency has open way towards our next target and psychological support at 1.2000. Overnight’s gap lower opening and loss of 1.2100 support at the beginning of European session, keep the focus at the downside, as near-term indicators are pointing lower and hold in the negative territory. Immediate support lies at 1.2050 zone, 2006 lows, ahead of 1.2000. At the upside, figure resistance at 1.2100 and overnight’s high at 1.2123, offer initial resistance, ahead of 1.2150/80 area. Only regain of 1.2200 barrier would provide temporary relief. Overextended hourly conditions, however, did not yet materialize in any corrective action signal.
Res: 1.2100, 1.2123, 1.2150, 1.2180
Sup: 1.2084, 1.2050, 1.2040, 1.2000
Cable fell sharply after failing to regain key short term barrier and 200 day MA at 1.5750. Loss of important 1.5600 support open way for further weakness, as the pair tests another significant level at 1.5550, 50% retracement of 1.5392/1.5736 ascend, to expose 1.5523, Fib 61.8% and psychological 1.5500 support. Firm bearish tone keeps bears favored, however, hourly indicators are deeply in oversold zone, but no reversal signal seen so far. Previous supports at 1.5580/1.5600 zone, now act as initial resistances.
Res: 1.5581, 1.5600, 1.5624, 1.5680
Sup: 1.5547, 1.5523, 1.5516, 1.5500
The pair continues its bearish run after losing important 79.00 support, reinforced by 200 day SMA, with brief consolidation seen at 78.50 area. Fresh weakness briefly broke below our 78.00 target, opening way towards the next target and key short-term support at 77.65, 01 June low. Firm bearish tone on lower and larger timeframes, keeps bears in play, however, extremely overextended hourly indicators, suggest that corrective bounce may precede retest of 77.65 and possible extension towards 77.30/00, next support zone.
Res: 78.20, 78.42, 78.68, 78.79
Sup: 77.93, 77.65, 77.36, 77.00
Firm bullish tone continues to drive the pair higher after completing the short-term 0.9871/0.9745 corrective phase. Lift above 0.9871 and 0.9900, now tests our next target at 0.9950, Fib 61.8% of 1.1730/0.7067, with parity level and 200 day SMA at 1.0046, seen next. Near-term overbought conditions may see a brief pause in current rally, with immediate supports at 0.9900/0.9870 zone. Key short-term support lies at 0.9745, 19 July higher low and Fibonacci support.
Res: 0.9935, 0.9950, 1.0000, 1.0046
Sup: 0.9900, 0.9871, 0.9851, 0.9800