Daily Pivots: (S1) 1.2999; (P) 1.3095 (R1) 1.3143; More.....
Intraday bias in EUR?USD remains on the downside for the moment and fall from 1.3308 could extend further to 61.8% retracement of 1.2661 to 1.3308 at 1.2908. At this point, we're still viewing fall from 1.3308 as a correction and thus expect strong support from 1.2876 to contain downside and bring rebound. Above 1.3126 minor resistance will turn bias back to the upside for retesting 1.3308. However, break of 1.2876 will dampen our view and would turn focus back to 1.2661 key support level.
In the bigger picture, fall from 1.4939 is treated as a falling leg inside the consolidation pattern that started at 1.6039 (2008 high). Such decline should have completed at 1.2042 already. Break of 1.3486 will confirm and should pave the way to 1.5 psychological level in medium term. We'd now stay bullish as long as 1.2661 support holds.
IMOH, Clement I
+234 802 905 9344
+234 703 569 1707
No comments:
Post a Comment