The Euro remains in near-term sideways mode under 1.37 barrier that so far offers solid resistance and keeps the upside capped. Hourly structure is neutral, while positive tone prevails on 4-hour chart, keeping the upside favored. With the downside being protected at lowered range floor at 1.3652, near 38.2% retracement of 1.3529/1.3738 and price action underpinned by hourly 55DMA / 4-hour 20DMA / daily cloud top, fresh attacks at 1.37 hurdle will remain in play. Otherwise, further easing below 1.3652 would delay bulls for deeper correction, with 1.36 zone, Fibonacci 61.8% retracement, required to hold. Break above 1.37 and spike high at 1.3615/38, to resume larger rally off 1.3506 and expose 1.38 resistance zone.

Res: 1.3687; 1.3700; 1.3715; 1.3738

Sup: 1.3665; 1.3652; 1.3634; 1.3600

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Cable regained positive tone on extension of bounce from 1.6472, yesterday’s fresh low, as regain of 1.66 handle brought hourly bulls back in play. With 4-hour structure being positive, near-term focus remains at fresh peak at 1.6668. Corrective action, however, is expected to precede fresh rally, with good support at 1.6565, higher platform and 38.2% of 1.6472/1.6623 upleg, reinforced by 55DMA and seen as ideal reversal point. Downside risk would increase in case of stronger reversal and violation of 1.6530, Fibonacci 61.8% retracement and 1.6515, previous high of 10 Jan.

Res: 1.6623; 1.6642; 1.6668; 1.6700

Sup: 1.6587; 1.6565; 1.6530; 1.6515

The pair holds in near-term corrective phase off fresh low at 101.75, following two-legged descend from 104.83, 23 Jan lower top. Overall negative tone, established after repeated rejections at 105 hurdle and acceleration lower, keep the downside favored in the near-term, with fresh leg lower seen on a completion of corrective rally. Crack of initial 102.70 resistance, opens more significant 103.00 barrier, Fibonacci 38.2% of 104.83/101.75 descend, reinforced by hourly 55DMA and pivotal 103.57, 24 Jan lower top / near 61.8% retracement, where rallies should be ideally capped. Otherwise, break here would sideline near-term bears and shift focus higher. Initial support lies at 102.50, daily cloud top, ahead of 102.15 higher low and 101.75 low, loss of which to confirm bearish resumption and expose immediate target at 101.60, 06 Dec low.

Res: 103.16; 103.29; 103.57; 104.00

Sup: 102.50; 102.18; 101.75; 101.60

The pair regained ground following last week losses, as extension of corrective rally from fresh low at 0.8658, broke above previous **** at 0.8755 and cracked psychological 0.8800 barrier, also Fibonacci 61.8% of 0.8886/0.8658 descend, reinforced by 4-hour 55DMA. Positive hourly conditions see potential for further upside, however, weak 4-hour structure, keeps the downside risk in play while barriers at 0.8800/30 stay intact. Clear break here to confirm recovery and open key near-term barrier and breakpoint at 0.8886, 22 Jan high. Alternatively, lower top formation under the latter and fresh leg lower, would be likely near-term scenario.

Res: 0.8832; 0.8886; 0.8921; 0.8950

Sup: 0.8750; 0.8700; 0.8676; 0.8658

The Euro’s near-term tone is negatively aligned, as repeated rejection s at 1.37 barrier increased downside pressure. Extension below initial supports at 1.3660/50 tested main bull-trendline off 1.2754, 2013 low at 1.3630, also mid-point of 1.3529/1.3738 upleg, with support being reinforced by daily Tenkan-sen line and 4-hour 55DMA. Larger picture shows neutral tone, as the price consolidates last week’s rally. More bearish tone would be seen in case of violation of 1.3620/00 support zone that will confirm near-term top and expose lower targets at 1.3550 and 1.3500 zone. Otherwise, while 1.3600/20 supports hold, the upside attempts will remain in play in the near-term. Clear break above 1.37 handle is required to confirm bullish resumption.

Res: 1.3687; 1.3700; 1.3715; 1.3738

Sup: 1.3646; 1.3625; 1.3609; 1.3580

Cable’s hourly structure is neutral, while 4-hour studies maintain positive tone, established on recovery rally from 1.6472 to 1.6623 so far. Narrow consolidation under 1.66 barrier is under way and expected to precede fresh attempt higher, while the price holds above 1.6544/34, bull-trendline off 1.6307 low / yesterday’s pullback low and Fibonacci 61.8% of 1.6472/1.6623 upleg. Break here would bring bears back in play and risk lower top formation.

Res: 1.6593; 1.6623; 1.6642; 1.6668

Sup: 1.6559; 1.6544; 1.6534; 1.6515

The pair remains in near-term corrective phase off fresh low at 101.75, posted on 27 Jan. Hourly structure improves, as the price sustains above 103 barrier, with fresh extension higher retracing over 50% of 104.83/101.75 fall. However, overall negative tone, established after repeated rejections at 105 hurdle and acceleration lower, would keep the downside vulnerable, as 4-hour studies are negative. Regain of previous strong supports at 103.90/104.00 is required to improve and sideline downside risk and shift near-term focus higher. Otherwise, risk of lower top formation would remain in play. Initial supports lay at 103.00 and 102.75, daily cloud top, below which downside acceleration would open 102.50 and 102.18.

Res: 103.43; 103.57; 103.90; 104.22

Sup: 103.00; 102.75; 102.50; 102.18

The pair holds positive near-term tone, as extension of corrective rally from fresh low at 0.8658 probed above psychological 0.8800 barrier, also Fibonacci 61.8% of 0.8886/0.8658 descend and 4-hour 55DMA. Positive hourly conditions see potential for further upside, as 4-hour studies are gaining momentum. Break above fresh recovery tops at 0.8819/24 to confirm recovery and open key near-term barrier and breakpoint at 0.8886, 22 Jan high, with corrective actions to be ideally contained at 0.8760/50 zone, to keep fresh near-term bulls in play. On the larger picture, however, bears remain firmly in play and see resumption of larger downtrend upon completion of corrective phase.

Res: 0.8824; 0.8856; 0.8886; 0.8921

Sup: 0.8760; 0.8750; 0.8700; 0.8676

The Euro ended week in red, following last week’s sell-off from 1.37 resistance zone, where gains were rejected in several attempts. Fresh acceleration lower eventually broke below near-term platform and congestion floor at 1.35 zone, with fresh low posted at 1.3478, where the price entered consolidative phase. Oversold near-term studies favor further consolidative/corrective action, with initial resistance at 1.35 zone, being tested for now, ahead of 1.3540, 30/31 Jan consolidation floor and 23.6% retracement of 1.3738/1.3478 descend and 1.3580 previous congestion top and Fibonacci 38.2% retracement, where rallies would face solid resistance. Violation of the latter and psychological 1.3600 barrier, 50% retracement / daily Tenkan-sen line, is required to sideline bears. Otherwise fresh leg lower will look for test of initial targets at 1.3457, Fibonacci 38.2% of 1.2754/1.3892; 1.3435, Fibonacci 76.4% of 1.3294/1.3738 upleg and psychological / higher platform support at 1.3400, seen in extension, with 200SMA at 1.3370 expected to come in near-term focus. Negative technicals on the larger picture favor further downside.

Res: 1.3508; 1.3540; 1.3580; 1.3600

Sup: 1.3478; 1.3457; 1.3435; 1.3400

Cable remains under pressure and ended week in red, as the third wave of the weakness from 1.6668 that commenced from 1.6623, met its 100% expansion at 1.6427, with price probing below psychological / higher platform support at 1.6400. Break lower to open 1.6352, Fibonacci 138.2% expansion, ahead of key near-term support at 1.6307, 17 Jan low, extension to which to confirm full-retracement of 1.6307/1.6667 upleg, with break lower to confirm reversal off 1.6668 and spark stronger correction of broader uptrend that started from 1.48 ****. Near-term technicals remain negative, with daily studies building bearish momentum and keeping the downside in near-term focus. Initial resistances lay at 1.6440 and 1.6480, with psychological 1.65 barrier expected to cap corrective rallies.

Res: 1.6440; 1.6480; 1.6500; 1.6525

Sup: 1.6379; 1.6336; 1.6307; 1.6260

The pair remains in near-term consolidative phase above fresh low of 27 Jan at 101.75, with basing attempt seen at 102 support and upside attempts capped at 102.40. Negative tone prevails on lower timeframes studies and keeps the downside under pressure, as long as initial 102.40 barrier caps. Any extension higher would shift focus towards the upper range boundary at 103 zone, Fibonacci 38.2% of 104.83/101.75 / 4-hour 55SMA, above to sideline downside risk and expose pivotal 103.43 barrier, 29 Jan lower top. Otherwise, risk of losing 102.00 and 101.75 handles would remain in play, with fresh bearish extension seen towards strong support at 101.00, round figure support, 50% retracement of 96.55/105.43 ascend and daily 100SMA.

Res: 102.40; 102.80; 103.00; 103.43

Sup: 101.83; 101.75; 101.60; 101.00

The pair continues to trade within one-week 0.8700/0.8820 range, with neutral tone prevailing in near-term studies. Break of either side of the range is required to define near-term direction, as break higher would signal an end of consolidative phase and resume recovery off 0.8658, with key near-term barrier at 0.8886, 22 Jan high, expected to come in focus. Alternatively, loss of range floor and higher low at 0.8700, which was briefly tested last Friday, would weaken the structure and re-expose key support at 0.8658, 24 Jan fresh low, below which would trigger extension of multi-year downtrend from 1.1079, 2011 peak.

Res: 0.8800; 0.8824; 0.8871; 0.8886

Sup: 0.8737; 0.8709; 0.8676; 0.8658

The Euro trades in near-term corrective phase, off fresh low at 1.3475, where the basing attempt is under way. Positive hourly structure, improved on regain and close above 1.35 handle sees potential for further upside, as the price attempts above yesterday’s highs at 1.3534. Extension to last Friday’s high at 1.3572, also Fibonacci 38.2% of 1.3738/1.3475 descend, is required to confirm near-term bottom and open way for further recovery, however, limited upside action is seen on negative larger timeframes studies. Strong barrier at 1.3 zone, 50% retracement / daily cloud **** / Tenkan-sen line, reinforced by daily 20 and 100SMA’s, is seen capping upside attempts for now. On the downside, first support lies at 1.3503, ahead of more significant 1.3475 platform, loss of which to signal resumption of bear-leg from 1.3738 and open 1.3457, Fibonacci 38.2% of 1.2754/1.3892; 1.3435, Fibonacci 76.4% of 1.3294/1.3738 upleg and psychological / higher platform support at 1.3400.

Res: 1.3540; 1.3572; 1.3600; 1.3638

Sup: 1.3503; 1.3475; 1.3457; 1.3435

Cable remains under strong, as fresh acceleration through psychological 1.64 support, eventually broke below key near-term support and higher low at 1.6307, completing 1.6307/1.6668 bull-leg. Loss of pivotal 1.6307 support, signals further correction of larger 1.5853/1.6668 rally, as the fall cracked 50% retracement at 1.6262, with next targets standing at: 1.6236, 100SMA; 1.6215, daily cloud ****; 1.6200, round figure and 1.6164, Fibonacci 61.8% retracement. Overall bearish tone keeps downside firmly in focus, with weakness to be interrupted by corrective rallies on oversold near-term technicals. Previous low at 1.6307 offers initial resistance, ahead of 1.6365, yesterday’s intraday high, with 1.6400 zone, also Fibonacci 38.2% of 1.6623/1.6255 downleg, expected to limit upside attempts.

Res: 1.6315; 1.6365; 1.6400; 1.6440

Sup: 1.6255; 1.6236; 1.6215; 1.6200

The pair came under increased pressure after recovery attempts were capped under 103 barrier and fresh acceleration lower broke below near-term **** at 101.75. Fresh bears took out another strong support at 101, 50% retracement of 96.55/105.43 ascend and daily 100SMA, on extension to 100.74 so far. Near-term consolidative phase is under way, with limited upside action seen on overall negative picture. Previous lows at 101.75/83, along with psychological 102.00 barrier, offer solid resistance and should ideally cap recovery rallies, before fresh leg lower. Extension below 100.74 is expected to open psychological 100 support, reinforced by 200SMA.

Res: 101.37; 101.57; 101.75; 102.00

Sup: 100.74; 100.72; 100.00; 99.56

The pair eventually broke above one week congestion tops at 0.8820 zone, with acceleration higher, clearing another important barrier at 0.8886, 22 Jan lower top and cracking psychological 0.89 barrier. Near-term technicals turned positive on a rally and see scope for further recovery, as the pair has established fresh direction after being congested within 0.8700/0.8820 rage. Immediate target lies at 0.8921, Fibonacci 61.8% retracement of 0.9084/0.8658 downleg, ahead of 0.8983, Fibonacci 76.4% retracement and psychological 0.9000 barrier, also 03 Jan high, seen in extension. Overbought hourly conditions, however, suggest consolidative/corrective action preceding fresh push higher, with previous range tops at 0.8820 zone, expected to contain.

Res: 0.8913; 0.8921; 0.8983; 0.9000

Sup: 0.8860; 0.8824; 0.8800; 0.8770

The Euro is unchanged and moves within narrow consolidative range of 1.3490 and 1.3535, with hourly studies in neutral mode. Overall negative tone, however, keeps the downside at pressure, as corrective attempt from 1.3475 low is so far capped by falling 4-hour 20SMA, keeping more significant barriers at 1.3580 and 1.3600 intact for now. Fresh weakness below 1.3500/1.3475 supports to open 1.3457, Fibonacci 38.2% of 1.2754/1.3892 then 1.3435, Fibonacci 76.4% of 1.3294/1.3738 upleg and psychological / higher platform support at 1.3400 in extension. On the upside, break above pivotal 1.3600 resistance zone, 50% retracement of 1.3738/1.3475 / daily Ichimoku cloud ****, would provide relief.

Res: 1.3540; 1.3572; 1.3600; 1.3638

Sup: 1.3492; 1.3475; 1.3457; 1.3435

Cable rides on the fourth, corrective wave, as a part of larger downtrend from 1.6668, 24 Jan peak, after the third wave extended below its 161.8% expansion and ended at 1.6255. The fourth wave could travel to 1.6400 barrier, where gains should be ideally capped, with the fifth wave expected to extend towards 1.6200/1.6150 zone, where daily cloud **** and Fibonacci 61.8% retracement of 1.5853/1.6668, offer supports. Only break above 1.6400 barrier would delay bears and allow for stronger recovery towards 1.6440/80 barriers.

Res: 1.6343; 1.6400; 1.6440; 1.6500

Sup: 1.6289; 1.6255; 1.6236; 1.6215

The pair enters near-term corrective mode after finding good support at 100.74, with corrective rally being capped by previous low at 101.75, also hourly 55SMA. With hourly studies losing traction and 4-hour technicals maintaining negative tone, upside attempts are seen limited and downside risk remains in play. Violation of initial 101 support is expected to open hourly double-bottom at 100.74, loss of which to resume broader bears off 105.43 and expose psychological 100 support, reinforced by 50% retracement of 96.55/105.43 rally and 200SMA. Only break above psychological 102 barrier and 102.50, Fibonacci 38.2% retracement, would delay bears.

Res: 101.75; 102.00; 102.50; 102.92

Sup: 101.00; 100.74; 100.42; 100.00

The pair trades in near-term consolidative phase, after fresh bulls were triggered on a break above one week congestion tops at 0.8820 zone, with acceleration through important barrier at 0.8886, 22 Jan lower top and psychological 0.89 barrier, posting fresh 3-week high at 0.8940. The pullback off 0.8940 was so far contained by daily Kijun-sen line at 0.8870 that marks consolidation floor, however, weakening hourly studies cannot rule out further easing. Next support lies at 0.8859, Fibonacci 38.2% of 0.8729/0.8940 upleg and 0.8835, 50% retracement, with dips expected to hold above previous congestion tops at 0.8820 zone, to keep fresh bulls in play. Extension of the uptrend through temporary cap at 0.8940 is expected to focus 0.9000, psychological resistance / 03 Jan high and key barrier at 0.9084, 13 Jan peak, in extension.

Res: 0.8906; 0.8940; 0.8983; 0.9000

Sup: 0.8870; 0.8859; 0.8824; 0.8800

The Euro holds neutral near-term tone, fluctuating within three-day range, with spikes above range tops showing lack of strength for more significant action higher and attempt at pivotal 1.3580/1.3600 barriers. Neutral hourlies and still weak 4-hour studies, see scope for prolonged sideways movements, with today’s ECB release expected to trigger stronger action. Break above strong 1.36 resistance zone, daily 20/100SMA’s bear-cross; daily Tenkan-sen line and mid-point of 1.3738/1.3475 fall, would spark stronger rally and mark near-term bottom. Fibonacci 61.8% retracement at 1.3638, offers next barrier, ahead of 1.3680 and 1.3700. On the downside, violation of range floor at 1.35 zone, to open 1.3475 **** and signal resumption of bear-phase from 1.3892, 27 Dec peak. Negative daily studies support bearish scenario for now.

Res: 1.3538; 1.3554; 1.3572; 1.3600

Sup: 1.3492; 1.3475; 1.3457; 1.3435

Cable entered near-term consolidative phase, as the fourth wave off 1.6255 low, lacked strength for extension towards its ideal cap at 1.6400. Price action is congested between 1.6255 and 1.6343 range, with neutral hourly tone confirming sideways mode. However, prevailing negative tone on larger timeframes keeps the downside pressured and sees scope for resumption of larger bear-trend from 1.6668 peak, after completion of consolidative phase. Break below 1.6255 support to open 1.6215, daily cloud **** and 1.6165, Fibonacci 61.8% retracement of 1.5853/1.6668 upleg. Only bounce through 1.64 hurdle, also Fibonacci 38.2% of 1.6623/1.6255 and 4-hour 55SMA, would delay immediate bears and open 1.6440, 50% retracement and 1.6480, 61.8% instead.

Res: 1.6343; 1.6400; 1.6440; 1.6480

Sup: 1.6255; 1.6236; 1.6215; 1.6165

The pair remains in near-term corrective phase off 100.74, with corrective rally being capped by previous low at 101.75, also 4-hour 20SMA. Lack of strength to break above 101.75 hurdle, keeps near-term price action in sideways mode. Hourly studies are in neutral mode, while 4-hour technicals remain weak that sees upside attempts limited and downside risk remaining in play. Violation of initial 101 support is expected to open hourly double-bottom at 100.74, loss of which to resume broader bears off 105.43 and expose psychological 100 support, reinforced by 50% retracement of 96.55/105.43 rally and 200SMA. Only break above psychological 102 barrier and 102.50, Fibonacci 38.2% retracement, would delay bears.

Res: 101.75; 102.00; 102.50; 102.92

Sup: 101.30; 101.00; 100.74; 100.42

The pair resumed bulls after ending near-term consolidative phase below 0.8940, with fresh extension higher, approaching next targets at 0.8983, Fibonacci 76.4% of 0.9084/0.8658 and 0.9000, 0.9000, psychological barrier / 03 Jan high. Positive near-term technicals keep the upside favored, with clearance of 0.9000 handle, expected to open way for full retracement of 0.9084/0.8658 descend. Regain of key 0.9084 resistance is required to confirm **** and possibly spark stronger correction that would sideline overall bears, as daily studies show strong bullish momentum. Previous highs at 0.8940, offer initial support, ahead 0.8900, round figure / hourly 55SMA and 0.8870, higher low / daily Kijun-sen line, where dips should find solid support.

Res: 0.8983; 0.9000; 0.9056; 0.9084

Sup: 0.8940; 0.8900; 0.8870; 0.8830