EURUSD
The Euro continues to move in directionless mode and returns below 1.16 handle, following yesterday’s probe above, which was capped under initial barrier at 1.1650, 16 Jan recovery high and 50% retracement of 1.1845/1.1458 downleg, reinforced by falling daily Tenkan-sen line. Bearish setup of larger timeframes studies keeps the pair pressured, while neutral/negative near-term studies see scope for prolonged consolidative phase, awaiting this week’s important releases, which could be a trigger for resumption of larger downtrend. Targets at 1.1375, Nov 2003 low and 1.1210, Fibonacci 61.8% retracement of larger 0.8225/1.6039, 2000/2008 ascend, remain in near-term focus. Break above 1.1650 pivot and violation of daily 10SMA at 1.1722, would delay bears and open breakpoints at 1.1870; lower top of 12 Jan and daily 20SMA at 1.1910, in alternative scenario.
Res: 1.1637; 1.1650, 1.1700; 1.1722
Sup: 1.1550; 1.1500; 1.1458; 1.1400
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The Euro continues to move in directionless mode and returns below 1.16 handle, following yesterday’s probe above, which was capped under initial barrier at 1.1650, 16 Jan recovery high and 50% retracement of 1.1845/1.1458 downleg, reinforced by falling daily Tenkan-sen line. Bearish setup of larger timeframes studies keeps the pair pressured, while neutral/negative near-term studies see scope for prolonged consolidative phase, awaiting this week’s important releases, which could be a trigger for resumption of larger downtrend. Targets at 1.1375, Nov 2003 low and 1.1210, Fibonacci 61.8% retracement of larger 0.8225/1.6039, 2000/2008 ascend, remain in near-term focus. Break above 1.1650 pivot and violation of daily 10SMA at 1.1722, would delay bears and open breakpoints at 1.1870; lower top of 12 Jan and daily 20SMA at 1.1910, in alternative scenario.
Res: 1.1637; 1.1650, 1.1700; 1.1722
Sup: 1.1550; 1.1500; 1.1458; 1.1400
Read more Click Here / www.trade4x.net
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