The Euro continues to trend higher within daily channel off 1.3475 ****. Near term focus remains at psychological 1.4000 barrier, as the approached the target on extension to 1.3965, seen on 13 Mar. The price action consolidates under the recent top, with downside being so far protected at 1.3840 zone, where 4-hour 55SMA / daily Tenkan-sen line and Fibonacci 38.2% of 1.3642/1.3965 upleg, offer good support. Near-term action moves around 1.39 handle, following last Friday’s upside rejection at 1.3936 and weekly close at 1.39 zone. Hourly studies are losing traction that suggests further consolidation, as 4-hour indicators are in descending mode. However, holding above 1.3840/00 supports zone, would keep overall positive tone and single currency’s stability intact for eventual attack at 1.4000 barrier, break of which to open next targets at 1.4056, Fibonacci 138.2% expansion of the third wave from 1.3672 and psychological 1.4100 hurdle in extension. Conversely, extension below 1.38 handle, 50% retracement and near channel support, would signal stronger pullback and put near-term bulls on hold.

Res: 1.3939; 1.3965; 1.4000; 1.4056

Sup: 1.3876; 1.3840; 1.3800; 1.3765

Cable remains in near-term sideways mode, with price action attempting at the range’s lower boundary, as initial support at 1.6582 was cracked last week on extension to 1.6566. Near-term studies are negatively aligned, with price holding near 1.66 handle, also 38.2% retracement of larger 1.6250/1.6821 ascend, with hourly tone being neutral but 4-hour structure bearish. With downside risk increased, immediate focus lies at lowered range floor at 1.6566, below which to open 1.6536, 50% retracement and psychological 1.6500 support in extension and signal stronger correction of larger upleg from 1.5853 to 1.6821. Otherwise, extended sideways trading would be likely near-term scenario, with regain of lower top at 1.6716, required to improve the structure and shift focus higher.

Res: 1.6650; 1.6700; 1.6716; 1.6740

Sup: 1.6624; 1.6585; 1.6566; 1.6536

The pair fully retraced near-term rally from 101.19 to 103.75 on last week’s fresh acceleration lower. Near-term price action moves in a consolidative mode above fresh low at 101.20, as hourly indicators are heading north and 4-hour studies coming out of oversold territory. This would signal extended consolidative / corrective action, however, not much of the upside prospective is seen for now, as larger picture remain bearish. Ideally, rallies should be capped under 102.50, midpoint of 103.75/101.20 descend, to keep bears intact. Break below 101.20 handle to open another significant support at 100.74, 03/05 Feb **** and psychological 100 support in extension.

Res: 101.85; 102.17; 102.50; 102.80

Sup: 101.20; 101.00; 100.74; 100.00

The pair trades in a choppy mode, with near-term structure being positive, as the holds above near-term **** at 0.9000, reinforced by daily 20SMA. Fresh bounce attempts at pivotal 0.9100/32 barriers, break of which to resume recovery rally from 0.8658, 24 Jan low, which is interrupted by current consolidation. Clearance of 0.9132 opens 0.9135, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Increased downside risk could be expected on a loss of 0.9000 handle.

Res: 0.9100; 0.9132; 0.9165; 0.9206

Sup: 0.9000; 0.8923; 0.8900; 0.8832

The Euro holds positive sentiment and bounced off 1.3840 higher ****, to test levels close to fresh high at 1.3965, posted on 13 Mar. Near-term price action moves in triangular consolidation, after recovery rally stalled at 1.3946 yesterday. Triangle support lies at 1.3910, also Fibonacci 38.2% retracement of 1.3844/1.3946 ascend, ahead of higher **** at 1.3880, also 61.8% retracement, above which stronger pullbacks should find ground to keep near-term positive tone in play. Fresh attempt through 1.3965 opens short-term target and psychological barrier at 1.4000 and 1.4056, Fibonacci 138.2% expansion of the wave from 1.3642, in extension. Conversely, slide below 1.3880 would delay bulls and risk retest of near-term **** at 1.3840 zone and daily channel support at 1.3800.

Res: 1.3946; 1.3965; 1.4000; 1.4056

Sup: 1.3910; 1.3880; 1.3840; 1.3800

Cable remains in near-term sideways mode, with price action attempting at the range’s lower boundary, as recovery attempts were capped at 1.6664, keeping immediate barriers at 1.6700/16 intact for now. Near-term studies are negatively aligned, with fresh acceleration lower, attempting below psychological 1.66 handle. Immediate focus lies at lowered range floor at 1.6566, below which to open 1.6536, 50% retracement and psychological 1.6500 support in extension and signal stronger correction of larger upleg from 1.5853 to 1.6821. Otherwise, holding above 1.6566, would signal extended sideways trading and only regain of pivotal 1.6716 barrier, to improve the structure and shift focus higher.

Res: 1.6664; 1.6700; 1.6716; 1.6740

Sup: 1.6566; 1.6536; 1.6500; 1.6451

Near-term price action moves in a consolidative mode above fresh low at 101.19, after the pair fully retraced 101.19/103.75 upleg. Hourly studies turned positive, as the price approached psychological 102 barrier, where gains were capped by 4-hour 20SMA for now. On the other side, negative 4-hour studies see the action limited. Ideally, rallies should be capped under 102.50, midpoint of 103.75/101.20 descend, to keep bears intact. Break below 101.19 handle is required to open another significant support at 100.74, 03/05 Feb **** and psychological 100 support in extension. Only break above 102.50 and 102.80, Fibonacci 61.8% retracement of 103.75/101.19 would improve near-term structure.

Res: 101.93; 102.17; 102.50; 102.80

Sup: 101.50; 101.20; 101.00; 100.74

The pair trades in a choppy mode, with near-term structure being positive, as the price stabilizes above near-term **** at 0.9000, reinforced by daily 20SMA / Tenkan-sen / Kijun-sen bull cross. Fresh bounce cracked psychological 0.9100 barrier in attempt at pivotal 0.9132 resistance, break of which to resume recovery rally from 0.8658, 24 Jan low, which is interrupted by current consolidation. Clearance of 0.9132 opens 0.9165, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Initial support lies at 0.9060, hourly 55SMA, while only loss of 0.9000 **** would increase downside pressure and signal double-top formation.

Res: 0.9108; 0.9132; 0.9165; 0.9206

Sup: 0.9060; 0.9000; 0.8923; 0.8900

The Euro showed limited action during past few sessions, with price action moving within narrow 1.3880/1.3940 range, awaiting today’s FOMC decision. Hourly tone is neutral, as the price forms bullish pennant, while larger pictures maintain positive tone and favor eventual push towards short-term target at 1.4000. Recent range tops, along with bear-trendline off 1.3965, offer initial resistance, ahead of fresh high at 1.3965 and psychological 1.4000 barrier, also daily channel resistance. Break here to resume larger uptrend, interrupted by 1.3965/1.3840 corrective phase and expose next targets at 1.4056, double-Fibonacci resistance 138.2% expansion of the third wave from 1.3642 and 138.2% projection of the downmove from 1.3892 to 1.3475. Narrowed range floor at 1.3880 offers immediate support, ahead of the first pivot at 1.3840 higher platform / Fibonacci 38.2% retracement of 1.3642/1.3965 upleg and only break here would sideline near-term bulls in favor of deeper pullback towards 1.3800, 50% retracement / channel support; 1.3765, Fibonacci 61.8% retracement of 1.3642/1.3965 rally and 1.3700, higher **** / round-figure support / 76.4% retracement.

Res: 1.3946; 1.3965; 1.4000; 1.4056

Sup: 1.3900; 1.3880; 1.3840; 1.3800

Cable came under pressure and ended the second day in red, after fresh weakness broke below near-term range floor, to post fresh low at 1.6544, where daily 55SMA contained dips for now. Weak near-term studies favor further downside, with psychological 1.6500 support, also daily Ichimoku cloud top coming next, ahead of 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend. Corrective rallies are expected to precede fresh leg lower, with regain of 1.66 handle expected to open 1.6646/64 barriers, where rallies should be ideally contained. Pivotal resistance lies at 1.6716, 13 Mar peak and only break here to improve near-term structure.

Res: 1.6608; 1.6646; 1.6664; 1.6700

Sup: 1.6544; 1.6500; 1.6451; 1.6400

Near-term price action moves in a consolidative mode above fresh low at 101.19, after the pair fully retraced 101.19/103.75 upleg. Near-term tone remains weak, as recovery attempts were capped under psychological 102 barrier, with descending 4-hour SMA limiting the upside for now and bull-trendline off 100.74 low being cracked. Break below 101.19 handle is required to open another significant support at 100.74, 03/05 Feb **** and psychological 100 support in extension. Only break above 102.50 and 102.80, Fibonacci 61.8% retracement of 103.75/101.19 would improve near-term structure.

Res: 101.93; 102.17; 102.50; 102.80

Sup: 101.29; 101.19; 101.00; 100.74

The pair maintains positive near-term tone and eventually broke above psychological 0.9100 barrier, to crack key near-term resistance and pivotal point at 0.9132, on extension to 0.9137 so far. Positive near-term technicals keep the upside favored, with clear break above of 0.9132 barrier, expected to open 0.9151, 200SMA; 0.9165, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Corrective dips would face initial support at 0.91 zone, also hourly 55SMA and higher low at 0.9062, Fibonacci 38.2% retracement of 0.8923/0.9137, seen as ideal reversal point to keep bulls intact.

Res: 0.9137; 0.9151; 0.9165; 0.9206

Sup: 0.9100; 0.9060; 0.9030; 0.9000

The Euro ended week in red after rallying for six consecutive weeks, trading in corrective phase off fresh 4 ½ month high at 1.3965. The pullback found temporary footstep at 1.3748, with consolidative action so far being capped by hourly 55SMA / daily Kijun-sen line at 1.38 zone, also near 38.2% Fibonacci retracement of 1.3923/1.3748 fall. Hourly studies are gaining traction, however, limited upside action is seen for now, as 4-hour structure remain negative, with 1.3840/50 zone, lower top of 20 Mar and Fibonacci 61.8%, expected to ideally cap, before fresh leg lower commences. Extension below 1.3748 to open 1.3720, double Fibonacci / 04/06 Mar higher platform and psychological 1.3700 support in extension. Alternatively, fresh strength through 1.3850 and regain of 1.39 handle, would bring bulls back in play and signal an end of corrective phase, with 1.3965 peak and short-term target at 1.4000, expected to come in near-term focus.

Res: 1.3809; 1.3840; 1.3856; 1.3882

Sup: 1.3785; 1.3764; 1.3748; 1.3720

Cable remains under pressure, with Friday’s close under psychological 1.65 barrier and the second week’s close in red, confirming negative structure and seeing risk of further weakness. Last Friday / overnight lows at 1.6470, also Fibonacci 61.8% retracement of 1.6250/1.6821 upleg, where the pair attempts to consolidate, are coming under pressure, as near-term studies maintain negative tone. Break here to open next target at 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend, 100SMA at 1.6417 psychological 1.6400 support in extension. On the upside, consolidation top at 1.6517, offers initial resistance, with 20 mar lower top at 1.6466 coming next and any stronger rally expected to be capped at 1.66 zone, near 38.2% of 1.6784/1.6471 downleg.

Res: 1.6517; 1.6543; 1.6566; 1.6600

Sup: 1.6471; 1.6451; 1.6400; 1.6385

Near-term price action remains supported, as corrective pullback off recovery high at 102.67, was contained at 102 handle, also 4-hour 20/55 SMA’s bull-cross and fresh strength attempts at 102.67 peak, reinforced by daily 55SMA. Positive near-term studies keep the upside favored, with break above 102.67 to open 103 barrier, psychological resistance, reinforced by daily cloud top, ahead of key near-term resistance at 103.75, 07 Mar peak. Conversely, increased downside risk could be expected in case of violation of 102 handle.

Res: 102.67; 102.80; 103.09; 103.42

Sup: 102.35; 102.00; 101.80; 101.50

The pair trades within 0.9047 and 0.91 range, following overnight’s 0.90101/0.9047 pullback and bounce higher. Psychological 0.91 barrier is under pressure, with positive near-term studies favoring break higher to resume near-term recovery phase off 0.8994, 20 Mar higher low and open key barriers and congestion tops at 0.9132/37, reinforced by 200SMA. Break here is required to signal resumption of larger uptrend from 0.8889 and open 0.9135, 10 Dec 2013 peak and 0.9206, 50% retracement of 0.9755/0.8658 descend. Strong support and higher **** at 0.9000 should keep the downside protected to keep near-term bulls in play.

Res: 0.9100; 0.9137; 0.9165; 0.9206

Sup: 0.9047; 0.9000; 0.8975; 0.8935

The Euro bounced through 1.3820 barrier which capped near-term consolidation and spiked at 1.3874, marking 61.8% retracement of 1.3946/1.3748 fall. Formation of double-bottom pattern signals further upside, as hourly technicals are positive. Pullback off fresh high at 1.3874 attempts to consolidate above previous peak at 1.3825, with hourly bullish 20/55SMA’s cross at 1.3800, underpinning the action. Holding above the latter would keep freshly established bulls in play for further recovery towards 1.3900 and lower platform at 1.3930/40 zone. However, negatively aligned 4-hour studies require caution, as failure to extend gains above initial 1.3874, would keep the downside vulnerable, with loss of 1.38 handle to bring bears back in play for possible retest of 1.3759/48 lows.

Res: 1.3874; 1.3900; 1.3940; 1.3965

Sup: 1.3825; 1.3800; 1.3759; 1.3748

Cable remains under pressure and posted marginally lower low at 1.6464, with near-term price action moving in consolidative mode, following yesterday’s short-lived spike to 1.6535, where broken bear-channel support line and Fibonacci 38.2% of 1.6652/1.6464 downleg capped rally. Hourly studies are neutral, while bears dominate on 4-hour chart and favor further downside. Immediate target lies at 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend, ahead of daily 100 SMA at 1.6423 and psychological 1.6400 support. Alternative scenario requires break above 1.6535 to signal basing attempt and allow for stronger recovery towards 1.6558, 50% retracement / 55SMA and 1.6580, Fibonacci 61.8%. Key near-term barriers and breakpoints lay at 1.6652/64, above which to confirm formation of higher low at 1.6464.

Res: 1.6517; 1.6535; 1.6558; 1.6580

Sup: 1.6464; 1.6451; 1.6400; 1.6385

The pair is near-term neutral mode, with price being entrenched within 102.00/63 range and trading in sideways mode. Hourly studies are losing traction after repeated failure at the range tops, with range floor being under pressure. On the 4-hour chart positive tone remains in play, however, break below 20 and 55SMA’s keeps the downside vulnerable. Slide below 102 handle, mid-point of 101.29/102.67 range and 101.80, 61.8% retracement, would signal further weakness and risk return to 101.20 ****. Conversely, clearance of the range ceiling at 102.67 and Fibonacci 61.8% of 103.75/101.19 at 102.77, to confirm bullish resumption towards 103.00 and 103.42/75 in extension.

Res: 102.33; 102.67; 102.77; 103.09

Sup: 102.00; 101.80; 101.50; 101.20

The pair eventually broke above key near-term barriers at 0.9132/37 and 200SMA at 0.9141,with fresh peak being posted at 0.9156 and confirmation seen on a daily close above previous peaks. Bullish near-term studies are supportive for such scenario, with immediate targets laying at 0.9165, 10 Dec 2013 peak and 0.9206, 50% retracement of 0.9755/0.8658 descend. To keep bulls intact, consolidative / corrective actions should be ideally contained near 0.9100, Fibonacci 38.2% of 0.8994/0.9156 rally / bull-trendline off 0.8994 higher low. Key near-term support and breakpoint lies at 0.900 higher **** and break here would be bearish.

Res: 0.9156; 0.9165; 0.9206; 0.9269

Sup: 0.9118; 0.9100; 0.9075; 0.9047

The Euro trades in a narrow range, after failing to sustain attempts above 1.38 handle, reinforced by daily Kijun-sen line as broken channel support line capped rallies. Narrow consolidation around 1.3780 is expected to precede fresh weakness towards 1.3748 ****, as near-term technicals are negative. Break here to confirm lower top formation at 1.3874 and resume larger downtrend from 1.3965, towards 1.3720, 50% retracement of 1.3475/1.3965 upleg and 1.3700, higher **** / daily 55SMA, with extension lower to open 1.3662, Fibonacci 61.8% retracement, reinforced by daily 100SMA. On the upside, 1.3800 offers immediate resistance, ahead of 1.3845, 25 Mar tops and pivotal 1.3867, 24 Mar peak, above which to shift near-term focus higher.

Res: 1.3800; 1.3845; 1.3867; 1.3900

Sup: 1.3780; 1.3759; 1.3748; 1.3720

Cable extends near-term recovery phase off 1.6464, 24 Mar low and regained initial 1.6586 barrier, Fibonacci 38.2% retracement of the downleg from 1.6784 to 1.6464, approaching psychological 1.66 hurdle. Corrective action on overbought hourly studies should precede fresh attempt higher, as near-term technicals turned positive. Clear break above 1.66 barrier to confirm bottom at 1.6464, with extension to 1.6660 lower **** and Fibonacci 61.8% retracement, required to complete 4-hour cup-and holder pattern and trigger further recovery. However, caution is required as daily technicals are negative and risk of lower top formation under 1.6660, remains in play. Solid support at 1.6545, Fibonacci 38.2% of 1.6464/1.6595 upleg, reinforced by hourly 55SMA, should ideally contain dips and keep freshly established bulls off 1.6464 in play.

Res: 1.6584; 1.6600; 1.6624; 1.6660

Sup: 1.6545; 1.6514; 1.6500; 1.6480

The pair’s near-term structure weakens, as the price dipped below near-term consolidation range floor and strong support at 102.00, also cracking the next support at 101.80. Hourly indicators are establishing in the negative territory, while 4-hour ones are attempting below the midlines that increases downside pressure. Clear break below 101.80 handle, also 61.8% retracement of 101.26/102.67 upleg, to confirm lower platform formation at 102.65 zone and trigger fresh weakness for possible retest of strong 101.20 ****. Alternative scenario requires break above 102.67 to bring bulls back in play and resume recovery off 101.20 through Fibonacci 61.8% barrier at 102.77, towards levels above psychological 103.00 resistance, where near-term congestion to at 103.75 stands.

Res: 102.47; 102.67; 102.77; 103.15

Sup: 102.00; 101.71; 101.50; 101.20

The pair maintains positive near-term tone and continues to trend higher, with near-term price action stabilizing above 0.9200 handle, after posting fresh annual high at 0.9244. Overall bulls see scope for further gains towards psychological 0.9300 barrier and 0.9314, Fibonacci 100% expansion of the wave from 0.8889, 03 Mar low. However, rallies may be interrupted by consolidative /corrective actions, as near-term studies are overbought. Initial supports lay at 0.9215/00, ahead of 0.9150, Fibonacci 38.2% of 0.8994/0.9244 upleg and previous peaks at 0.9137/32, above which any stronger pullback should be ideally contained.

Res: 0.9244; 0.9269; 0.9300; 0.9314

Sup: 0.9215; 0.9200; 0.9150; 0.9132