The pullback from new 7-week high (136.62) faced strong headwinds and repeatedly failed to close below cracked rising 10DMA, with today’s action being contained by the indicator (currently at 135.51).
Larger bulls from 131.76 (22 June low) lost traction on approach to key Fibo barrier at 136.69 (61.8% of 139.73/131.76) but subsequent dips were so far contained by bull- trendline.
Also, long lower shadows of candles of past few days suggest that the downside is protected for now, but bounce and bullish close today is needed to signal reversal and formation of higher low.
Daily studies remain mixed (MA’s in bullish setup but bullish momentum is fading and stochastic heads south) lacking clearer direction signal but also keeping in play possibility of deeper fall on break below 10DMA (135.51) and trendline support (135.27).

Res: 135.98; 136.20; 136.69; 137.00
Sup: 135.51; 135.27; 135.04; 134.76


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD consolidating at lows after mixed US data, Powell

EUR/USD trades near a fresh two-month low of 1.1671 after mixed US Markit PMIs, which anyway indicated economic expansion. Fed speakers highlighted the need for more fiscal stimulus.


GBP/USD holds on to daily gains amid Brexit’s optimism

The GBP/USD pair consolidates around 1.2750, underpinned by EU Chief Brexit Negotiator Barnier's optimism on a post-Brexit trade deal. UK Business activity remains in expansion territory according to Markit.


Gold: Elliott Wave downside targets point to the $1767 area

The commodities complex is taking another hit on Wednesday after a tough start to the week. The recent persistent greenback strength has been a thorn in the side of the precious metal since the dollar consolidation began.

Gold News

In search of the Bitcoin anchorage

When the gates of heaven seemed to open, with the moon clearer than ever, selling came back to the crypto board. After the long winter of 2018/2019, hope was already exhausted, and the current setback is finishing with its remains. 

Read more

WTI flirts with the 200-day SMA below $40.00/bbl ahead of EIA

Prices of the WTI are alternating gains with losses below the key $40.00 mark per barrel on Wednesday.

Oil News

Forex Majors