EUR Trading Outlook
The market is looking to test hourly lows near .9440 and the next AUD/USD support levels below there are at .9420 and .9390 (see chart). The medium-term trend is bullish but the short term trend is bearish. I still have a strong bias towards buying-big-dips but with no sign of any short term base emerging, I will need to stay patient. Resistance levels are now strengthening at .9520/30.
The break below Fibo support at .9460 (albeit a marginal one so far) has the overall picture looking slightly more bearish and selling rallies back towards the previous pivot at .9520 makes excellent sense (see chart).
The clean break below .9520 has given the dailies a more bearish feel and this level now provides initial intraday resistance. There is some decent technical support nearby at .9460 (see chart) but a clean break below there opens the way for .9350 at least.
Previous highs and a 50% retracement level will offer strong support near .9520 (see chart) and a clean break below there would suggest that the top near the 200-dma is a strong one indeed. Resistance levels are firming on the short-term charts near .9620.
The important technical levels are very clear to see on the daily (see chart) with support now at previous resistance levels near .9510/20 and resistance at .9715/40. Patience is required inside of this range and the shorter-term support/resistance levels are now to be found at .9570/.9670.
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