EURUSD remains in a medium term consolidation pattern of the 1.2455-1.3788 rise, as only a daily open and close above 1.3248 or below 1.2890 will complete this pattern and see further price extension in the direction of the break. As to the intraday outlook, prices will continue to move higher with 1.3248 as the next objective while 1.3100 should limit any downside attempts.
EURUSD corrective rise from the March 4, 2009 low of 1.2455 is complete at the March 19, 2009 high of 1.3738 with prices currently trading within the 1.2945-1.3248 consolidation zone. A daily open and close outside this zone will see further price extension with 1.2730 as the next downside target. As to the short term fall from the April 13, 2009 high of 1.3391, the fall remains active as ONLY a daily open and close above 1.3128 will complete this fall while today’s Asia low of 1.2966 holds. Intraday, look for prices to continue to move lower initially targeting 1.2945 as the next objective while 1.3128 caps.
GBPUSD rise from the March 30, 2009 low of 1.4110 will be complete with a daily open and close below 1.4701, with prices then continuing to move lower within a 1.4476-1.4110 before another attempt to the upside. However, until prices can sustain below 1.4527, medium term risk will remain the upside. As to the broad outlook, the trend remains firmly to the downside as ONLY a weekly open and close above 1.5475 will complete the fall from the September 25, 2008 high of 1.8666 at the January 23, 2009 low of 1.3502, with prices then continuing to move higher within a 1.5475-1.6693 consolidation zone before another attempt to the downside. Shorterm, the fall from the April 16, 2009 high of 1.5067 remains active as ONLY a daily open and close above 1.4804 will complete the fall with prices then continuing to move higher within a 1.4804-1.4905 consolidation zone. For the session ahead, look for GBPUSD to continue to move lower with 1.4589 and 1.4527 as the next objectives.
EURUSD’s intraday rise from 1.3125 remains active as only a 2 hour open and close below 1.3289 will complete this rise while yesterday’s 1.3391 high holds. As to the medium term fall from the December 18, 2008 high of 1.4718, this fall is complete at the March 4, 2009 low of 1.2455, with prices currently trading within the 1.2989-1.3854 consolidation zone, as a daily open and close outside this zone will see further price extension in the direction of the break. For the session ahead, look for prices to stabalize within the 1.3227-1.3289 zone before another attempt to the upside.
GBPUSD’s intraday rise from 1.4606 remains active as only a 2 hour open and close below 1.4799 will complete this rise while today’s 1.4919 high holds, as prices will then move within a 1.4724-1.4799 consolidation zone before another attempt to the upside. As to the broad outlook, the fall from the September 25, 2008 high of 1.8666 remains active as ONLY a daily open and close above 1.5475 will complete this fall while the January 23, 2009 low of 1.3502 holds.
EURUSD rise from the March 4, 2009 low of 1.2455 remains active as ONLY a daily open and close below 1.3248, while the March 19, 2009 high of 1.3738 caps, will complete this rise with prices then moving within a 1.2945-1.3248 consolidation zone before another attempt to the upside. As to the short term fall from Monday’s 1.3582 high, prices have reached 1.3147 but have not opened and closed below 1.3248 on a daily basis. A daily close above 1.3313 will complete the short trem fall from 1.3582 while yesterday’s 1.3147 low holds, as prices will then continue move higher within a 1.3313-1.3416 zone. For the session ahead, risk appears to be for further price extension to the upside with 1.3313 and 1.3365 as the next objectives.
GBPUSD rise from March 30, 2009 low of 1.4110 has reached 1.4957 and remains active as ONLY a daily open and close below 1.4633 will complete this rise with prices then continuing to move lower within a 1.4434-1.4633 consolidation zone before another attempt to the upside. For the session ahead, For the session ahead, look for a 4 hour close below 1.4633 to extend prices lower towards 1.4432, while a 4 hour close above 1.4757 confirming further upside risk. As to the broad outlook, the trend remains firmly to the downside while below 1.5475.
EURUSD remains in a complex corrective structure of the 1.4718-1.2455 fall as prices risk further rise to 1.3854 before another attempt to the downside. ONLY a daily open and close below 1.3097 would eliminate any medium term risk to the upside with prices then likely to continue lower initially towards 1.2945. As to the short term outlook, EURUSD remains bid while nearterm support at 1.3499 holds. For the sesssion, look to buy EURUSD within the 1.3447-1.3499 zone for further rise to 1.3854.
GBPUSD corrective rise from the March 30, 2009 low of 1.4110 remains with the February 9, 2009 high of 1.4984 as the objective, with a sustained break witnessing further price extension towards 1.5247 as the next objective. ONLY below 1.4527 would eliminate this outlook as prices would then continue to move lower towards 1.4249 beore another attempt to the upside. For the session ahead, look to buy GBPUSD within the 1.4796-1.4832 zone for 1.4984 initial target.
EURUSD’s short term active wave from the March 19, 2009 high of 1.3738 is complete at the March 30, 2009 low of 1.3114 as prices have moved within the 1.3352-1.3504 consolidation zone. Now that prices have moved within the above mentioned zone, a sustained break outside the 1.3352-1.3504 zone will see further price extension in the direction of the brreak with 1.3590 and 1.3738 as the initial upside targets while the to the downside 1.3260 and 1.3113 represent initial downside targets. The medium term outlook continues to favor narrowing price range with trendline resistance from the December 18, 2008 high coming in at 1.3600 while trendline support from the March 4, 2009 low of 1.2455 coming in at 1.3230. As to the broad outlook, ONLY a monthly open and close above 1.4194 will complete the downside correction while the October 28, 2008 low of 1.2328 holds, with further upside price extension to follow. However, until prices close above 1.4194 the broad outlook risk.
EURUSD’s corrective rise from the March 4, 2009 low of 1.2455 is complete at the March 19, 2009 high of 1.3738 with Monday’s daily open and close below 1.3248. Risk for further intraday downside extension remains while the 38.2 of the 1.3738 -1.3113 intraday fall at 1.3352 caps. Above 1.3352 intraday will see further rise towards 1.3425 while sustained prices below 1.3200 suggest further downside extension. For the session ahead, look to EURUSD to continue to move lower with 1.3097 as the initial target, while above 1.3352 will see prices continue to move higher initially towards 1.3425.
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