Th rebound after 1.2650 test is still corrective and while 1.2760 high is intact, the outlook will remain bearish, for a slide towards 1.2550. Trigger on the downside is 1.2690.
The failure at 1.2760 signals more corrective work and the intraday bias is bearish, for 1.2650 and probably even 1.2610. On the senior frames the outlook is bullish against 1.2550, for 1.2890.
EUR/USD Current level - 1.1298
Intraday, there is a chance for a slide towards 1.1250-20 support area and on the upside only a break through 1.1347 will unleash a rise towards 1.1450.
The climb above 1.1250 shows a reversal of the downmove from 1.1347 and the bias is positive, for a test of the mentioned peak. Initial support lies at 1.1250.
The break through 1.1350 resistance shows a continuation towards 1.1450 and on the senior frame this signals a completion of the whole slide since 1.2540 peak, thus setting new medium-term targets at 1.1820 and 1.2100 area.
The outlook is still bullish, for a test of 1.1450 resistance and a violation of the mentioned one will target 1.1570. Key support lies at 1.1350.
USD/JPY Current level - 106.95
The pair reached 106.70 static support and the overall bias is still bearish below 107.20 hurdle, so a clear break on the downside will challenge 104.60. There is no significant market support between 106.70 and 104.60.
The corrective pattern continues to unfold and only a break through 106.70 boundary will unleash a slide towards 104.60 zone.Key static resistance lies at 107.70.
The downtrend remains intact below 1.1320 intraday resistance and a test of 1.1250 lies ahead. I favor a reversal around the latter, for a bounce back towards 1.1450.
