The EURUSD was corrected lower yesterday after bad Euro zone Flash Manufacturing and Services PMI numbers. The bias is neutral in nearest term. We haven’t seen significant bearish correction during the strong bullish momentum, so any bearish correction is normal and I don’t see potential technical bearish reversal scenario so far. On h4 chart below we can see price is moving in a minor bearish channel, (which is also can be seen as a bullish flag formation) indicating bearish consolidation but overall we are still in bullish phase but need a break out above the bearish channel to continue the bullish scenario testing 1.3500. Immediate support at 1.3250, which is the 23.6% Fibo retracement of 1.2644 – 1.3438. Fundamental focus today will be on German Ifo Business Climate and US Durable Goods Orders and New Home Sales. Trading in the weekend with some high impact data and technical consolidation could be very tricky so don’t rush jump into the market.

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EUR/USD posted an inside day with a lower close on Thursday as it consolidates some of this month’s rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that additional gains are possible near-term. If it extends the rally off August’s low, April’s high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

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The EURUSD continued its bullish momentum yesterday, topped at 1.3438 and closed at 1.3393 following a strong break out above the trend line resistance on Tuesday. The bias remains bullish in nearest term testing 1.3500 area before testing 1.3700. Immediate support at 1.3333 (former resistance). Break below that area could lead us to neutral zone in nearest term testing 1.3267 but overall we are still in strong bullish phase. Fundamental focus today will be on some Euro zone Flash Manufacturing and Services PMI data and US Unemployment Claims and Existing Home Sales. Risk aversion/appetite sentiment likely to keep driving the market so good numbers could trigger further bullish momentum while bad numbers could trigger some technical downside rebound.

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EUR/USD closed higher on Wednesday as it extends this month’s rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are neutral to bullish signalling that additional gains are possible near-term. If it extends the rally off August’s low, April’s high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

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Current level – 0.8477

Longer term trading in a wide range between 0.8070 and 0.8500, the bias remains bearish and in consolidation zone.

Intraday: gains extended above 0.8500, reaching 0.8512 high. We are waiting for a retracement to support area in 0.8400/20 to reinstate long positions targeting 0.8530s

Profit-taking affects gold curbing silver and platinum

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Current level – 1.3288

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.

With the break above 1.3159 the uptrend was renewed, reaching high few pips below the previous top at 1.3335. Our intraday outlook is negative, for a corrective slide towards 1.3150 support.

Profit-taking affects gold curbing silver and platinum

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The EURUSD had a significant bullish momentum yesterday after market react positively on FMOC statement.  Although most part of the statement didn’t show significant change from the previous releases, the Fed willingness to “provide additional accommodation if needed to support the economic recovery” triggered risk appetite and push Euro higher. This positive reaction on global recovery could remain stay in the market at least in nearest future and give further support to the Euro. On daily chart below we can see price made a strong breakout above the trend line resistance indicating potential bullish continuation testing 1.3500 region especially if price able to make another break above 1.3333 (August 06 high). Immediate support at 1.3250/00 area. As long as price stay above that area, technical bias remains strongly bullish.

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EUR/USD closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off August’s low, August’s high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. Closes below August’s low crossing would renew the decline off last month’s high.

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The EURUSD attempted to push higher yesterday, topped at 1.3120 but closed lower at 1.3062 in a volatile but indecisive market. The bias is neutral in nearest term but as long as price move above the minor trend line support (white) we are still in strong bullish phase testing 1.3200 and the trend line resistance area. Immediate support at 1.3028 (yesterday’s low). Break below that area could trigger further bearish pullback towards 1.2930 region. On the upside we still need a clear break above 1.3120 to continue the bullish pressure. Fundamental focus will be on FOMC statement. An optimistic tone by The Fed could trigger risk appetite and push Euro higher while a pessimistic tone could trigger risk aversion sentiment and push Euro lower. Price likely to stay volatile ahead and during FOMC meeting.

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EUR/USD closed lower on Friday as it consolidates some of last week’s rally. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off August’s low, August’s high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. Closes below August’s low crossing would renew the decline off last month’s high.

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The EURUSD bullish momentum was paused on Friday after bad US CPI and consumer sentiment numbers triggered risk aversion. Overall we are still in bullish phase but need another break above 1.3120 to continue the upside pressure re-testing 1.3200 and the trend line resistance area. On the downside, immediate support at minor trend line support (white) and 1.3000. Break below that area could trigger further bearish pullback testing 1.2920.

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EUR/GBP

Current level – 0.8361

Longer term bias switched to bearish now that the cross has breached key support in 0.8400 area.

Intraday: finding tough resistance in 0.8400 zone and capping any bullish momentum. We need a push above resistance to complete our 0.85 target.

Profit-taking affects gold curbing silver and platinum

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EUR/USD

Current level – 1.3139

EUR/USD is in a downtrend, after peaking at 1.5146 (Nov.25,2009). Technical indicators are descending, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3458 and 1.4206.

The overall bis here is still positive with an initial support at 1.3110, but we favor a reversal around current levels for a sell-off towards 1.2920 and 1.2780. Crucial on the downside is 1.3060.

Profit-taking affects gold curbing silver and platinum

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EUR/USD closed higher on Thursday as it extended some of Tuesday’s rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off August’s low, August’s high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

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Euro 1.3070

Initial support at 1.2830 (Sep 14 low) followed by 1.2588 (Aug 24 low). Initial resistance is now located at 1.3187 (Aug 11 low) followed by 1.3334 (Aug 6 High)

Yen 85.75

Initial support is located at 83.99 (61.8% retrace of 82.88-85.78) followed by 82.88 (Sept 15 low). Initial resistance is now at 85.93 (Sep 16 high) followed by 86.70 (38.2% retrace of 92.89-81.88). (more…)