1 Apr 2015



After hitting the falling trendline resistance rate broke rising channel the rate had been stuck since beginning of March and my bias is now lower as the rate should be heading down towards the yearly low at 0.7115. It is now testing the former support at 0.7280 as the new resistance.

Only a daily close above 0.7400 would invalidate my immediate bearish bias for the pair in which case the rate should be heading up towards 0.7600 region.


The rate is currently consolidating right at a medium term rising trendline support and has formed a possible bear flag, however, a daily close below 176.00 is needed to establish any new short positions..

A break above 180.20 would invalidate my immediate bearish outlook for the pair and would indicate that we are seeing an important bottom and the rate is ready to continue higher.


A very difficult pair at the moment and I currently don't have any bias, however the the technical levels that need to be broken are quite clear.

The rate has formed an inverse head and shoulders pattern and has already broken the neckline and tested it as the new support. That and the fact that the RSI keeps it's bullish momentum intact indicates further upside and 100% breakout target is 1.4450 level, however, it is facing some major resistance levels on the way.

  1. Old support -new resistance at 1.4220
  2. Rising channel (possible bear flag) support around the same level.
  3. 2015 falling trendline resistance around 1.4300 

Because of these 3 factors I am bit more bearish, but to establish any new positions the rate first needs to break the rising channel floor and clear the ''right shoulder'' below 1.3870.


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