Bears continue to press lower with focus now on key 1.3880/1.3770 support zone. Below offers scope for a full retracement of the 21 Jul-23 Aug rise, risking to 1.3400 in due course. Above 1.4115/50 is needed to stabilise.
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Bears continue to press lower with focus now on key 1.3880/1.3770 support zone. Below offers scope for a full retracement of the 21 Jul-23 Aug rise, risking to 1.3400 in due course. Above 1.4115/50 is needed to stabilise.
Now The pair is testing the lower limit of the bullish channel and the support level 1.3530.
We need to see this level broken in order to resume the downside movement and take further targets.
The next support level to be targetted will be 1.3450.
This cross has been ranging for most of this week. I may need to buy a pullback of the price, especially if the support at 1.4000 holds. Otherwise there may be a need to sell a downside breakout below that level.
The only variable that could change this would be renewed fears over the sovereign debt situation in Italy, Spain and Portugal. NEAR-TERM OUTLOOK – NEUTRAL.
Weakness the last 2 days suggests that the correction is a zigzag (sharp). Look lower to complete wave a of the correction before a bounce in wave b into 14100.
If a M15 close above 1.4300 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1.4200 sell only and do not buy. If price closes back above it again do nothing
The range 1.4300 and 1.4200 is neutral area, any trade done in between is personal decision and not part of this analysis
Bears continue to press lower with focus now on key 1.3880/1.3770 support zone. Below offers scope for a full retracement of the 21 Jul-23 Aug rise, risking to 1.3400 in due course. Above 1.4115/50 is needed to stabilise.
If a M15 close above 1.4250 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1.4150 sell only and do not buy. If price closes back above it again do nothing
The range 1.4250 and 1.4150 is neutral area, any trade done in between is personal decision and not part of this analysis
expect depreciation of the euro to support level of 1.3820. RSI oversold left the area, signaling the rise, MACD is below 0 and gives a buy signal, the quote is below all three moving averages, indicators submitted conflicting signals.
If a M15 close above 1.4400 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1.4250 sell only and do not buy. If price closes back above it again do nothing
The range 1.4400 and 1.4250 is neutral area, any trade done in between is personal decision and not part of this analysis