EURUSD
The long lasting resistance formed into the 1.5900-1.5915 range has been finally washed away as the Euro rallied on a spectacular 200 points move on yesterday. After the large rally, the pair became too exhausted to put some serious pressure on the key 1.6000 mark but it is now consolidating into the first half of the 1.59 area which is a good thing for the bulls. The minor pullback to 1.5915 confirms the intraday support there and if it holds, then there are good chances of a test on 1.6. Lower support backs 1.5915 at 1.5880 then 1.5865 and 1.5815. Medium term support is noticed into the mid 1.57 area and should limit downside in case of some extended pullback through the 1.58 zone supports. On the upside, minor resistance is formed at 1.5950 followed by the record high at 1.5978, the psychological barrier of 1.6000 and an intraday projected resistance at 1.6050. Breaking 1.6000 won't be easy as some catalyst is needed but a potential test will be interesting. Expect some violent price action if Euro enters the 1.5970-1.6000 range. Current quote is 1.5930 @06:00 GMT
Support levels: 1.5915, 1.5880, 1.5865, 1.5815 and 1.5750.
Resistance levels: 1.5950, 1.5978, 1.6000 and 1.6050.
long-term : bullish, mid-term : bullish, short-term : neutral / upside biased