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EUR/USD Fails Negative Expectations, Stabilizes Above 1.3015

Published 12/13/2012, 04:33 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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USD/JPY
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USD/CHF
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AUD/USD
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EUR/GBP
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USD/CAD
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NZD/USD
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EUR/JPY
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GBP/JPY
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Technical Major Currencies

EUR/USD
<span class=EUR/USD" title="EUR/USD" width="649" height="364">

The pair failed the negative expectations by stabilizing above 1.3015 levels. Today, we find the pair stabilizing close to key resistance levels of the correctional sideways wave as shown on the graph, therefore we remain neutral. The upside move is supported by stabilizing above Linear Regression Indicators and the bullishness on Stochastic, but we cannot confirm that due to stabilizing below resistance levels 1.3095 and 1.3125.

The trading range for today is among the key support at 1.2950 and key resistance at 1.3200.

The general trend over the short-term is negative targeting 1.1865 a s far as areas of 1.3550 remains intact.
<span class=EUR/USD_S&R" title="EUR/USD_S&R" width="683" height="96">
GBP/USD
<span class=GBP/USD" title="GBP/USD" width="649" height="364">
The pair consolidated above 1.6125 levels and that might support the positivity. As seen on the graph, the pair might have ended the downside correction and started a new bullish wave. Stability above 1.6065 levels required to preserve the bullish outlook for today.

The trading range for today is among key support at 1.5910 and key resistance at 1.6250 .

The general trend over the short-term is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.
<span class=GBP/USD_S&R" title="GBP/USD_S&R" width="683" height="111">
USD/JPY
<span class=USD/JPY" title="USD/JPY" width="649" height="364">
The pair failed the harmonic formation we counted on during the past couple of days by stabilizing above 83.35 levels, the pair is now trading to the upside eying areas of 84.00 and 84.35. Stability above 83.35 levels is considered positive over intraday basis, despite overbought signals shown on Momentum Indicators, failing positivity requires breaching 82.65 levels again.

The trading range for today is among key support at 82.25 and key resistance at 85.00.

The general trend over the short-term is to the upside stable at levels 75.20 targeting 87.45.
<span class=USD/JPY_S&R" title="USD/JPY_S&R" width="683" height="110">
USD/CHF
<span class=USD/CHF" title="USD/CHF" width="649" height="364">
The pair dropped and is trading close to 0.9240 levels but not breached yet; we might see a bullish rebound yet since the Linear Regression Indicators and Stochastic are negative we remain neutral for today.

The trading range for today is among key support at 0.9135 and key resistance at 0.9375.

The general trend over the short-term is to the downside at levels 0.9775 targeting 0.8860.
<span class=USD/CHF_S&R" title="USD/CHF_S&R" width="682" height="93">
USD/CAD
<span class=USD/CAD" title="USD/CAD" width="649" height="364">
The pair is trading below 0.9855 level which represents the second target of the bearish Butterfly Harmonic Pattern; stability below that target will extend the downside move. Stability below 0.9885 levels is a primary condition for intraday negativity.

The trading range for today is among key support at 0.9700 and key resistance at 0.9935.

The general trend over the short-term is to the downside below levels 1.0125 targeting 0.9400.
<span class=USD/CAD_S&R" title="USD/CAD_S&R" width="684" height="111">
AUD/USD
<span class=AUD/USD" title="AUD/USD" width="649" height="364">
The pair moved to the upside again activating our previous expectations this week before we turned neutral yesterday. Today we see the pair stable closely below 1.0565, and it’s possible to form the negative double harmonic formation. Linear Regression Indicators are still negative forcing us to remain neutral today to confirm the success or failure of the mentioned formation.

The trading range for today is among key support at 1.0400 and key resistance at 1.0615.

The general trend over the short-term is to the downside below levels 1.0710 targeting 0.9400.
<span class=AUD/USD_S&R" title="AUD/USD_S&R" width="683" height="95">
NZD/USD
<span class=NZD/USD" title="NZD/USD" width="649" height="364">
The pair continues its upside move stabilizing above 0.8435–40 forcing us to remain neutral for today; stability above that level might extend the bullish wave toward 0.8545 over intraday basis. Areas of 0.8385 levels should hold to protect the positive expectations.

The trading range for today is among key support at 0.8305 and key resistance at 0.8540.

The general trend over the short-term basis is to the upside above 0.7930 targeting 0.8400.
<span class=NZD/USD_S&R" title="NZD/USD_S&R" width="684" height="113">
Technical Crosses

GBP/JPY
<span class=GBP/JPY" title="GBP/JPY" width="649" height="364">
The pair breached 133.55 triggering the upside surge to levels close to the first extending target of the bullish Harmonic Bat Pattern - represented by 127.2% Fibonacci at 135.40. This level usually represents sold resistance, however, we do not want to rely merely on that; we require confirmation via confirmed failure to break the mentioned level, or breaking it to extend the bullish trend. From hereon, we will stay aside today as well.

The trading range expected for today is between the key support at 132.50 and the key resistance at 136.15 .

The short-term trend is to the downside targeting 112.00 as far as 150.00 remains intact.
<span class=GBP/JPY_S&R" title="GBP/JPY_S&R" width="684" height="97">
EUR/JPY
<span class=EUR/JPY" title="EUR/JPY" width="649" height="364">
In our previous report, we suggested an upside wave reaching 109.15, yet we committed ourselves to neutrality because the pair was is inappropriate areas, in terms for risk/reward ratio. However, today, the pair is trading above that level, favoring an extension to the upside wave up to 110.90. In any event, the return of steady trading below 108.40 should be observed, and will negate the positive outlook.

The trading range expected today is between the key support at 108.40 and the key resistance 110.90.

The short-term trend is to the upside targeting 109.15 as far as 98.75 remains intact at week's closing.
<span class=EUR/JPY_S&R" title="EUR/JPY_S&R" width="683" height="95">
EUR/GBP
<span class=EUR/GBP" title="EUR/GBP" width="649" height="364">
The pair rose in line with our previous positive expectations, and today it stood close to Linear Regression Indicator 34, which represent resistance at 0.8120. Stability above 0.8070 has revived the bullish; any trading above that area will extend the bullishness.

The trading range expected for this week is between the key support at 0.8040 and the key resistance 0.8200.

The short-term trend is to the upside targeting 1.0370 as far as 0.7785 remains intact.
<span class=EUR/GBP_S&R" title="EUR/GBP_S&R" width="686" height="93">

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