By
Ashraf Laidi |
Signals | Jun 24, 2011 10:09AM GMT |
The pair is in an uptrend after bottoming at 1.4226. Trading is situated above the 50- and 200-day SMA, currently projected at 1.6090 and 1.5715.
The sell-off from 1.6260 filled my initial target at 1.5940 and the pair entered a larger consolidation pattern, preceding next leg downwards, to 1.5740. Current intraday bias is positive for a break through 1.6026 and I expect this rebound to be limited below 1.6077-90 resistance area. The overall outlook on the mid-frames remains bearish.
| Resistance |
| support |
|
| intraday | intraweek | intraday | intraweek |
| 1.6026 | 1.6518 | 1.5935 | 1.574 |
| 1.609 | 1.675 | 1.574 | 1.533 |
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