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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Euro 1.3015

Initial support at 1.2588 (Aug 24 low) followed by 1.2434 (61.8% retrace of 1.1877-1.3334). Initial resistance is now located at 1.3033 (Aug 14 low) followed by 1.3187 (Aug 11 High)

Yen 83.10

Initial support is located at 81.85 (May 1995 low) followed by 79.75 (Apr 1995 low). Initial resistance is now at 84.43 (Sept13 high) followed by 85.23 (Sep 3 high). (more…)

EUR/USD

Current level – 1.2657

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.

Yesterday’s break below the crucial 1.2677 set an end to the rebound above 1.2587 and current bias is negative towards 1.2475. Intraday resistance is seen at 1.2680.

Profit-taking affects gold curbing silver and platinum

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EUR/USD

Current level – 1.2808

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.

We believe, that the consolidation above 1.2731 has been completed with the yesterday’s peak at 1.2923 and the pair is ready for a break below 1.2731, towards 1.2475 support area. Initial intraday resistance comes at 1.2843 and only a rebound above that level will signal, that the consolidation is still on the run.

Profit-taking affects gold curbing silver and platinum

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Currency pair USD/CHF

Presumably, within the limits of an impulse () of [b] finishes formation a correctional wave iv of (c). If the assumption is true, after its termination, it is possible to expect short-term falling of pair as an impulse or a Diagonal Triangle v of (c).

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EUR/USD

Current level – 1.2580

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.

Yesterday’s slide finalized the consolidation pattern below 1.2613 and with the recent low at 1.2479 the uptrend has been renewed, aiming at 1.2790. First intraday resistance is seen at 1.2613 and nearest support is 1.2561.

Profit-taking affects gold curbing silver and platinum

USD/JPY

Current level – 87.87

The pair is in a broad consolidation above 84.78 short-term low. Trading is situated below the 50- and 200-day SMA, currently projected at 92.60 and 91.06.

The consolidation pattern above 86.95 requires one more leg upwards before completion, so current intraday bias is to be considered positive for 88.25 and if we see a break above that level, a test of the major resistance area at 89.20 will be quite possible. Crucial on the downside is 87.40.

GBP/USD

Current level – 1.5188

The pair is in a downtrend after peaking at 1.7042. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5057 and 1.5851.

Yesterday’s corrective slide bottomed above 1.5063 support and the uptrend has been renewed, targeting 1.5345. Initial intraday resistance comes at 1.5212, so allow brief consolidation in the 1.5155-5212 range before a break beyond 1.5230.

EUR/USD

Current level – 1.2228

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.

Obviously the pair is still in the consolidation pattern below 1.2469 and we believe, that its third, final leg is underway, targeting 1.2150-1.2100 reversal area before advancing towards 1.2601. Initial resistance is seen at 1.2266, followed by the crucial 1.2292.

Profit-taking affects gold curbing silver and platinum

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Daily Technical Analysis

EURUSD Outlook

The EURUSD was able to maintain its bullish bias last week. We are now in a critical technical point, where a consistent move above 1.2465 resistance could be seen as bearish failure and a beginning of a medium bullish outlook targeting 1.2645 and 1.3120 region. Immediate support at 1.2240/80 region and the trendline support area, as you can see on my h1 chart below. Break below the trendline support should keep the major bearish scenario intact at least testing 1.2150 area.

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EURUSD

Reversal off 1.2468, 21 June high, cleared 1.2243/40 levels, and found support at 1.2208 yesterday, ahead of bounce. This so far attempted at 1.2353, though clear break here is required to sustain recovery for retest of 1.2468, otherwise, forming a lower top and fresh weakness would be likely scenario. Break below 1.2208 to expose 1.2162 next.

Res: 1.2353, 1.2398, 1.2415, 1.2468
Sup: 1.2270, 1.2243, 1.2208, 1.2162

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Daily Technical Analysis

EURUSD Outlook

The EURUSD was indecisive yesterday. The bias is neutral in nearest term. On h1 chart below we can see that price still moving inside a minor bullish channel (white channel) indicating upside pressure in nearest term is still potential. Break below the minor bullish channel could trigger further bearish pressure towards 1.2240 support area before testing the major bullish channel (blue channel). On the upside, 1.2450 remains the nearest upside target especially if price able to move consistently above 1.2350 area.

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EURUSD

Reversal off 1.2468, 21 June high, cleared 1.2243/40 levels, and found support at 1.2208 yesterday, ahead of bounce. This so far attempted at 1.2353, though clear break here is required to sustain recovery for retest of 1.2468, otherwise, forming a lower top and fresh weakness would be likely scenario. Break below 1.2208 to expose 1.2162 next.

Res: 1.2353, 1.2398, 1.2415, 1.2468
Sup: 1.2270, 1.2243, 1.2208, 1.2162

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Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.2209 but closed higher at 1.2309. The bias is bullish in nearest term especially if price able to break above the descending triangle to the upside, re-testing 1.2450 region. On the other hand, another movement below the triangle and 1.2240 could trigger further bearish pressure testing 1.2150 and the lower line of the bullish channel. We are still in upside correction phase targeting the major trendline resistance (red) area. A break above the trendline resistance confirms the bullish reversal scenario indicated first by the breakout above the falling wedge formation I showed you on my last weekly summary on Saturday. Only a violation to the bullish channel could be a serious threat to the bullish correction/reversal scenario.

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Daily Technical Analysis

EURUSD Outlook

The EURUSD bullish correction was paused yesterday. On h4 chart below we can see that price violated the minor bullish channel indicating potential bearish in nearest term testing 1.2240 support area and the lower line of the major bullish channel. I think I will stand aside for now. I have conflicting bias between nearest term (bearish) and medium term (bullish). Note that we need a movement below the major bullish channel to end this upside correction phase. Break below 1.2240 could trigger further bearish momentum testing 1.2150 area. On the upside, another consistent movement above 1.2350 – 1.2400 should keep the upside correction scenario remains strong testing 1.2520 and 1.2645 area.

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EURUSD

Extends near-term recovery phase off 1.1875, 2010 low, posted 07 Jun, with fresh high of 1.2468 reached earlier today. A higher platform at 1.2350 now underpins advance for a push to 1.2525/1.2560. Under 1.2350/39 would shift focus lower and expose 1.2240, 17 Jun low.

Res: 1.2415, 1.2454, 1.2485, 1.2525
Sup: 1.2350, 1.2339, 1.2315, 1.2240

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