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The euro is approaching the trend line resistance extended from 1.3840, now around 1.3690. Yesterday’s gains were limited ahead of the said resistance level but the euro is conserving recent gains above 1.3600 so a new test is likely. To the downside, support is seen around 1.3550- formed by the…

The pivotal support of 1.3525 continued pushing the pair upwards crossing out attempts of a bearish direction. The pair is currently facing resistance for the descending channel at 1.3665; however, due to the bearish momentum’s weakness we expect a bullish intraday direction that will start with the breach of 1.3665…

The EURUSD bias remains neutral in nearest term and the bearish scenario remains intact. Immediate resistance comes near 1.3705 ? 1.3750 (23.6% retracement). Initiate shorts near these levels with tight stoploss of 1.3765 levels. (EURUSD - 1.3645).Neutral.

The GBP/JPY pair is trapped within a tight range since yesterday but it succeeded in forming an obvious bearish candlestick formation as seen on the provided four-hour chart, where it also activated a negative crossover on Stochastic. Thus; nothing changed the bigger weekly outlook of the Elliott count and potential…

Although the greenback fell to 1.0686 yesterday, as dollar has recovered after holding above previous minor support at 1.0676, suggesting further consolidation within 1.0648-1.0810 range would take place and rebound to the Ichimoku cloud top (now at 1.0769) cannot be ruled out, however, indicated upper range should continue to hold,…

Although cable fell to 1.4873 yesterday, as the British pound recovered after holding above indicated minor support at 1.4855, suggesting further consolidation would take place and retracement to 1.5035-44 (50% Fibonacci retracement of 1.5197 to 1.4873 and current level of the Kijun-Sen and Ichimoku cloud bottom) cannot be ruled out,…

Although the single currency rose to 1.3680 yesterday, as price has retreated again, suggesting further consolidation within recent range of 1.3530-1.3736 would take place and weakness towards the Ichimoku cloud bottom (now at 1.3586) cannot be ruled out, however, renewed buying interest should emerge above indicated lower range at 1.3530…

Although the greenback broke above resistance at 90.69 to as high as 90.83 yesterday, lack of follow through buying and the retreat from there suggest consolidation would take place an retracement to the Kijun-Sen (now at 90.01) is likely, however, renewed buying interest is likely to emerge around 89.72-83 (current…

US dollar and Japanese Yen firmed up modestly along with some selling pressure in equities as markets digest China and Australian economic data along with rate decisions in NZ and South Korea. EUR/USD traded down below 1.3630, GBP/USD briefly fell below 1.4950, while Swiss franc approached the critical 1.46 handle…

Today, there are no fundamentals from the European continent except the release of the ECB Bulletin for the month of March in a tranquil week. However, still concerns with regard the high debt problems prevailing in many European economies are the main focus of the market.