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EUR/USD: Losses Down To 1.2882 From 1.3030-40 Resistance Area

ByIan Copsey
Published 07/05/2013, 01:33 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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NOTE
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BIAS:

We should see losses to 1.2855 - with any pullback holding below 1.2885-05 for further losses

Resistance: 1.2910 1.2931-37 1.2955-65 1.2983
Support: 1.2882-90 1.2855 1.2837 1.2810-20

MAIN ANALYSIS: Wednesday didn't develop as I had expected with the stronger recovery from 1.2925 reaching the 1.3030-40 resistance area. That held and losses were down to 1.2882 from there. From this corrective high we should see losses to 1.2855. This should provoke a shallow correction holding below 1.2880-05. From here we should see losses once again and down to 1.2837-55 and later (after a correction) to the 1.2773 projection target. I feel this will hold for a further correction higher.

COUNTER ANALYSIS: Only a direct break above 1.2945 will raise the prospect of the alternative complicated consolidation that would eventually imply gains back to 1.3040-50. I can't see this getting any higher, but do note the 1.3130-50 area.

MEDIUM TERM ANALYSIS:
5th July: While things didn't go well on Wednesday, Thursdaysaw a move to 3 points above 1.2879. While 1.2931-37 caps, I still see the same outcome of a move lower to around 1.2773. We should see a correction back to 1.2840-60 before losses resume.

Only above 1.3050 will risk gains back to 1.3150 and raise concerns, but I will need to review the structure at that point...

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