Intraday bias in EUR/USD remains neutral for the moment and some more consolidation could be seen below 1.3486 temporary top. At this point, another fall cannot be ruled out yet and below 1.3366 minor support will target 4 hours 55 EMA (now at 1.3287) and below. On the upside, above 1.3486 will extend recent rally towards 61.8% retracement of 1.4246 to 1.2625 at 1.3627 next. As noted before, decisive break of 1.3627 will have near term falling trend line resistance firmly taken out and affirm the case of completion of whole fall from 1.4939 at 1.2625.
In the bigger picture, price actions from 1.6039 (2008 high) are treated as a long term consolidation pattern and there is no clear indication of completion yet. That is, price actions could remain corrective and relatively unpredictable. Another rising leg inside the consolidation pattern could have started at 1.2625 already. But strong resistance could be seen at around 1.5 psychological to limit upside and bring another fall to extend the pattern. Meanwhile a break of 1.2625 should extend the fall from 1.4939 to 1.1875 and below.
No comments:
Post a Comment