The Euro returned to weakness after fresh acceleration lower ended near-term consolidative phase between 1.3150 and 1.3220 limits. Fresh attempts lower target immediate support at 1.31, psychological support and low of September 2013, below which opens double-Fibonacci support at 1.3020 zone, 50% retracement of 1.2042/1.3992 ascend and 138.2% expansion of the wave from 1.3699. Near-term bears continue to favor further downside, with corrective rallies on oversold conditions, expected to interrupt and to be ideally capped under 1.32 barrier. Overextended daily studies, however, warn of more significant corrective action, which requires sustained break above near-term congestion tops at 1.3220 to be confirmed.

Res: 1.3133; 1.3150; 1.3194; 1.3220

Sup: 1.3117; 1.3103; 1.3050; 1.3020

Cable near-term studies are regaining traction, as bounce off 1.6534 low attempts to sustain break above 1.66 barrier. Rallies were so far capped by descending 4-hour 55SMA at 1.6610, with break here, required to confirm basing attempt and bring bulls fully in play for push towards pivotal 1.6677/, 20 Aug lower top / 20/200SMA death cross and possible extension to the key near-term barrier at 1.6735 lower platform. However, overall negative tone sees current movements as corrective action and failure to clear 1.6735 barrier, would keep in play scenario of lower top formation and subsequent fresh weakness.

Res: 1.6651; 1.6677; 1.6685; 1.6735

Sup: 1.6585; 1.6560; 1.6534; 1.6500

The pair remains in near-term corrective phase, off fresh high at 104.26, posted on 25 Aug, after fresh bulls cracked key 104.11, 04 Apr peak, the last obstacle en-route to 105.43, 02 Jan peak. Corrective easing found support at 103.50, 22 Aug low, ahead of fresh attempt through 104 barrier. This keeps near-term bulls in play for eventual push through 104.26, 25 Aug fresh high, to resume larger bulls towards psychological 105 barrier and key resistance at 105.43, 02 Jan peak. Today’s gap-higher open, confirms bullish stance, with corrective easing, expected to be ideally contained at 104.00/103.80 zone.

Res: 104.20; 104.26; 104.50; 105.00

Sup: 104.00; 103.80; 103.50; 103.20

Near-term bulls remain in play, as the pair tested pivotal 0.9372 barrier, lower top of 06 Aug and 50% of 0.9503/0.9237 descend. Consolidative phase so far found support at 0.9320, Fibonacci 38.2% of 0.9237/0.9372, keeping immediate focus at the upside. Break above 0.9372 is required to confirm **** at 0.9237 for more significant correction of 0.9503/0.9237 descend, with 0.94 psychological barrier / 61.8% retracement and 0.9415 lower top, seen as immediate targets. Otherwise, prolonged sideways trade could be expected in the near-term, in case of failure to break 0.9372 barrier, with bearish tone to be established in case of loss of 0.93 support.

Res: 0.9361; 0.9372; 0.9400; 0.9440

Sup: 0.9320; 0.9300; 0.9288; 0.9268

The Euro remains weak and ticked lower, after brief corrective attempt off 1.3117 was capped at 1.3144. The pair eyes immediate target at 1.31, however, yesterday’s Doji candle may signal further consolidation ahead of 1.31 support, as daily studies are overextended, but no reversal signal being generated yet. Yesterday’s corrective high at 1.3144 offers initial resistance, along with 1.3155 zone, previous lows and Fibonacci 38.2% of 1.3219/1.3113 downleg, where corrective rallies should find good resistance, before fresh push lower. Conversely, extension through pivotal 1.3200/19 barriers would signal stronger recovery and sideline immediate bears.

Res: 1.3144; 1.3155; 1.3194; 1.3220

Sup: 1.3113; 1.3103; 1.3050; 1.3020

Near-term studies are losing initial strength, regained on a bounce off 1.6534, as the pair failed to sustain gains above the first breakpoint at 1.66 zone, as fresh weakness followed the price’s stall at 1.6642. Extension below 1.66 handle, weakens near-term structure and risks return to 1.6534 ****, as reversal retraced so far over 76.4% of 1.6534/1.6642 ascend, in case near-term price action took out the last support at 1.6560. Underlying bearish tone favors fresh resumption of larger downtrend, as 20/200SMA death cross maintains the pressure. Extension below 1.6534 to open 1.6500 and higher low at 1.6464 next.

Res: 1.6587; 1.6613; 1.6642; 1.6677

Sup: 1.6542; 1.6534; 1.6500; 1.6464

The pair accelerated higher, after clearing near-term top at 104.26, rallying towards psychological 105 and key short-term barrier at 105.43, 02 Jan peak. Overall bullish structure favors attempts through 105.43 and resumption of multi-year uptrend, which was interrupted by 105.43/100.74 corrective phase. However, overbought conditions on all timeframes may cause hesitation ahead of 105.43 barrier. Former resistances at 104.26/00 zone, offer initial supports.

Res: 105.00; 105.43; 105.57; 106.00

Sup: 104.26; 104.00; 103.80; 103.50

The pair lost traction and slumped below 0.93 support, after recovery attempts failed to clear pivotal 0.9372 barrier and subsequent weakness accelerated after losing important 0.9320 support and previous consolidation floor. Retracement of over 61.8% of 0.9236/0.9372 upleg, has weakened near-term structure, near-term indicators are in the negative territory. Corrective action on oversold hourlies is expected to precede fresh weakness towards higher low at 0.9268, with return to 0.9236 ****, seen on extension. Alternative scenario requires lift above lower top at 0.9350, to bring bulls back in play for renewed attempts at 0.9372 barrier.

Res: 0.9300; 0.9322; 0.9350; 0.9361

Sup: 0.9282; 0.9268; 0.9236; 0.9200

The Euro remains negative overall, with near-term price action still holding above initial target at 1.31, after posting marginally lower low at 1.3108, with immediate tone being in neutral mode. The price remains entrenched within near-term range, capped for now at 1.3144. Break above here and 1.3151, Fibonacci 38.2% of 1.3219/1.3108 downleg, is seen as minimum requirement to signal start of recovery action, which is signaled by overextended daily conditions. Extension higher to open targets as 1.3177, 61.8% retracement; 1.3195 lower top of 29 Aug and key near-term barrier and lower platform at 1.3220, also Fibonacci 38.2% of larger 1.3410/1.3108 descend. Otherwise, extended consolidative action is expected to precede fresh leg lower, as negative sentiment would drive the pair below 1.31 handle, with extension towards 1.3020, double Fibonacci and 1.3000, psychological support.

Res: 1.3144; 1.3151; 1.3177; 1.3195

Sup: 1.3121; 1.3108; 1.3103; 1.3050

Cable remains under pressure and fresh acceleration lower from 1.6642, where lower top was left on 01 Sep, eventually broke below initial support at 1.6534 and psychological 1.65 level. Fresh bears also took out the next target at 1.6464, en route towards 1.6400, round –figure support. Overextended near-term studies suggest corrective bounce off fresh low at 1.6443, with 1.65 handle now acting as immediate resistance, ahead of 1.6520/34, Fibonacci 38.2% of 1.6643/1.6443 descend / previous low, levels seen as ideal cap. Conversely, stronger rallies through 1.66 barrier, would delay bears, however, will face layers of strong resistances at 1.6443 lower top and 1.6690 20/200 death-cross.

Res: 1.6500; 1.6520; 1.6534; 1.6566

Sup: 1.6443; 1.6400; 1.6380; 1.6350

The pair continues to trend higher, with fresh strength above 104.26, former high, eventually breaking above psychological 105 barrier. Immediate focus is key resistance at 105.43, 02 Jan peak and year-to-date high. Overall bullish structure favors attempts through 105.43 and resumption of multi-year uptrend, which was interrupted by 105.43/100.74 corrective phase. However, pullback on overbought conditions on all timeframes is expected to delay final push through 105.43 barrier. Fibonacci 38.2% retracement of 103.54/105.29 upleg at 104.62, offers initial support, ahead of former resistance at 104.26, also near 61.8% retracement, which is expected to hold dips.

Res: 105.00; 105.30; 105.43; 105.57

Sup: 104.62; 104.26; 104.00; 103.80

The pair bounces off fresh low at 0.9260, on corrective rally, after bearish acceleration off 0.9372 barrier and upside rejection level, nearly fully retraced 0.9237/0.9372 upleg. Overall negative tone sees the price action holding within 0.9237/0.9372 range, with lower borders being under pressure and fresh weakness starting after completion of corrective phase. Ideally, 0.9320/30 zone, former low and Fibonacci 61.8% of 0.9372/0.9260 descend, should cap rallies, before bears re-assert for renewed attempt towards 0.9237 ****. Otherwise, break higher and regain of 0.9350 lower top, would shift near-term focus towards range’s upper boundary.

Res: 0.9322; 0.9330; 0.9350; 0.9372

Sup: 0.9282; 0.9260; 0.9237; 0.9200

The Euro resumes downmove off 1.3992, 08 May 2014 peak, after two-day narrow consolidation followed last Thursday’s sharp fall. The price probes below 1.29 handle, psychological support / Fibonacci 161.8% expansion of the wave from 1.3699, after bull-trendline, connecting 1.2660 and 1.2754 lows at 1.2930, was taken out. Next key levels lay at 1.2786, Fibonacci 61.8% retracement of 2012/2014 1.2042/1.3992 ascend and 1.2750 zone, Mar/July 2013 lows, higher platform. Overall outlook remains bearish, however, oversold daily studies suggest that corrective actions in the near-term cannot be ruled out. Psychological 1.3000 barrier offers good resistance and caps for now.

Res: 1.2900; 1.2920; 1.2956; 1.2987

Sup: 1.2865; 1.2800; 1.2786; 1.2750

Cable remains under pressure and resumes steep downleg which commenced from 1.6642, 01 Sep lower top and was accelerated by weekly gap-lower opening. The price approaches its target and psychological support at 1.6000, which also marks a mid-point of one-year 1.4812/1.7189 rally. Break lower to target 1.5967, Fibonacci 100% expansion of the third wave from 1.6642 and 1.5900, round figure support, in extension. Oversold near-term condition may show hesitation ahead of 1.6000 target, with bounces to face initial resistances at 1.6185 and 1.6230 and 1.6280 zone last Friday’ lows, expected to cap. Overall bearish structure sees the downside favored, despite oversold daily studies, as sentiment is still negative and no reversal signals being generated yet.

Res: 1.6185; 1.6230; 1.6280; 1.6300

Sup: 1.6062; 1.6000; 1.5967; 1.5900

The pair remains well supported and continues to trend higher, with 106 barrier being taken out. Fresh gains post new 4-year highs, with upside targets at 107.20, Fibonacci 138.2% projection of the upleg from 100.81 and 108.28, Fibonacci 161.8% projection. Further gains are expected to open Sep 2008 high at 109.10, and lower top at 110.66, posted in Aug 2008. Initial supports lay at 105.70 and 105 zone, ahead of higher **** at 104.70, loss of which will be bearish

Res: 105.21; 105.70; 106.00; 106.20

Sup: 105.70; 105.00; 104.70; 104.26

Near-term structure turned bearish as yesterday’s long red candle reversal after 0.94 upside rejection, signal further weakness. Bears took out 0.9260, 03 Sep higher low and the last support on the way to 0.9237, near-term ****. This level offers strong support and potential break lower would turn overall picture firmly bearish and signal resumption of larger descend off 0.9503, 01 July peak. Negatively aligned daily studies support the notion, however, consolidative action ahead of this support is expected, as near-term studies are oversold. Psychological 0.93 barrier, also Fibonacci 38.2% of 0.9400/0.9248 downleg, offers initial barrier, with extended rallies to be capped by 0.9330, to maintain negative structure.

Res: 0.9287; 0.9300; 0.9330; 0.9372

Sup: 0.9248; 0.9237; 0.9200; 0.9180

The Euro is near-term corrective mode after fresh bears broke below 1.2930, 1.2660/ 1.2754 bull-trendline and extended under 1.29 handle, to reach fresh low at 1.2858. Recovery action was supported by yesterday’s positive close, however, no significant upside action would be expected, as long as 1.2987, yesterday’s high and psychological 1.30 barrier stay intact. Hourly studies gained traction, while 4-hour structure remains weak, along with overall negative picture, which keeps focus at 1.2786, Fibonacci 61.8% retracement of 2012/2014 1.2042/1.3992 ascend and 1.2750 zone, Mar/July 2013 lows, higher platform.

Res: 1.2977; 1.2987; 1.3000; 1.3044

Sup: 1.2858; 1.2800; 1.2786; 1.2750

Cable consolidates recent losses and shows near-term basing attempt at fresh lows, just ahead of psychological 1.6000 support. Upside heading near-term indicators are supportive for stronger corrective action, which was signaled by oversold daily conditions and yesterday’s Doji candle. Confirmation of such scenario requires today’s positive close. Initial resistance lies at 1.6185, 08 Sep intraday high, ahead of more significant 1.6230, week’s high, clearance of which to accelerate attempts of Monday’s gap filling and regain of pivotal 1.6330 lower top. Otherwise, narrow consolidation would be expected to precede eventual attack at 1.60 support.

Res: 1.6185; 1.6230; 1.6280; 1.6300

Sup: 1.6057; 1.6000; 1.5967; 1.5900

The pair remains well supported and continues to trend higher, with near-term price action establishing above 106 handle. Fresh gains post new 4-year highs, with upside targets at 107.20, Fibonacci 138.2% projection of the upleg from 100.81 and 108.28, Fibonacci 161.8% projection. Further gains are expected to open Sep 2008 high at 109.10, and lower top at 110.66, posted in Aug 2008. Initial supports lay at 106.00 and 105.70, where dips should ideally find footstep. Otherwise deeper pullback is expected to threaten 105.40, Fibonacci 61.8% of 104.67/106.55 and psychological 105 support, in extension.

Res: 105.70; 106.00; 106.20; 106.50

Sup: 106.00; 105.70; 105.00; 104.70

Near-term structure remains bearish, with increased pressure eventually pushing the price through near-term ****s at 0.9237 and 0.9200, as well as 0.9180, Fibonacci 38.2% retracement of 0.8658/ 0.9503 ascend/200SMA. This confirms an end of short-term congestion and further reversal off 0.9503 peak. The price is now looking for extension towards 0.9100, round-figure support and 0.9080, 50% retracement, ahead of 0.9050, weekly Ichimoku cloud ****. Overall bearish structure supports the notion, with corrective attempts to face 200SMa as initial resistance, ahead of former ****s at 0.92 and 0.9237.

Res: 0.9180; 0.9200; 0.9217; 0.9237

Sup: 0.9100; 0.9080; 0.9050; 0.9000

The Euro holds below last Friday’s fresh recovery high, with positive near-term tone and Friday’s ticks higher, marking positive daily close, after the price broke above bear-trendline, drawn from 1.2987 high. Immediate price action, however, lacked momentum for further upside, despite gap-higher opening, as gains were pared after failure to clear last week’s high, which is ticks away from 05 Sep pivotal 1.2987 high. Friday’s closing level, also 38.2% retracement of 1.2907/1.2977 upleg, offers so far good support, above which fresh attempts towards 1.2987/1.3000 barriers, are expected to commence and confirm near-term recovery resumption on a break higher. Alternatively, loss of 1.2950 handle and broken bear-trendline at 1.2938, now acting as support, as well as 1.2930, bull-trendline, drawn off 1.2858 low / Fibonacci 38.2% of 1.2858/1.2977 upleg, would soften near-term tone and look for fresh retracement of near-term corrective rally.

Res: 1.2977; 1.2987; 1.3000; 1.3044

Sup: 1.2950; 1.2930; 1.2900; 1.2882

Near-term price action trades in consolidative mode, with 1.62 support holding the downside, while fresh recovery peak at 1.6275, also daily Tenkan-sen line, caps for now. This keeps psychological 1.63 barrier and previous week’s closing level and the upper limit of 08 Sep opening gap, intact. Near-term studies are neutral/positive and unless 1.63 hurdle is taken out, which would allow for stronger recovery and confirm near-term bottom, risk will remain at the downside, as overall picture remains negative and fundamentals are putting additional pressure on Sterling.

Res: 1.6275; 1.6300; 1.6338; 1.6357

Sup: 1.6200; 1.6184; 1.6155; 1.6123

The pair remains positive and closed above 107 handle, with weekly chart showing long green candle, which confirms overall bulls and further attempts towards 108/110, next target zone. Near-term price action holds in narrow-range, consolidative mode, with 107.00 offering initial support, ahead of 106.50. On the upside, 107.50 is initial barrier, ahead of 108.28, Fibonacci 161.8% projection of the upleg from 100.81.

Res: 107.50; 108.00; 108.28; 109.00

Sup: 107.00; 106.50; 106.00; 105.70

The pair maintains negative tone, with additional pressure seen on weekly gap-lower opening, which brought the price below psychological 0.90 support. Long red previous week’s candle and retracement of 61.8% of 0.8658/0.9503 ascend, supports the notion of further weakness and potential attempts to fully retrace 0.8658/0.9503 rally. Corrective rallies are for now expected in light mode, with session highs at 0.9015, offering initial barrier, ahead of last week’s closing levels at 0.9040, where the next strong resistance lies.

Res: 0.9000; 0.9015; 0.9040; 0.9071

Sup: 0.8980; 0.8950; 0.8923; 0.8900