Daily Currency Outlook: EUR/AUD And EUR/GBP : September 17,2018
ActionForex | Sep 17, 2018 07:24AM ET
Daily Pivots: (S1) 1.6221; (P) 1.6253; (R1) 1.6280;
Intraday bias in EUR/USD remains neutral for consolidation below 1.6353 short term top. Deeper pull back could be seen to 38.2% retracement of 1.5601 to 1.6353 at 1.6066. But downside should be contained well above 1.5886 cluster support (61.8% retracement at 1.5888) to bring rise resumption. On the upside, break of 1.6353 will resume larger up trend to 1.6587 key resistance level.
In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
h2 EUR/GBP Daily Outlook/h2
Daily Pivots: (S1) 0.8878; (P) 0.8906; (R1) 0.8920;
Intraday bias in EUR/GBP remains neutral for consolidation above 0.8875 temporary low. Outlook is unchanged that whole corrective rise from 0.8620 has completed at 0.9097 and deeper decline is expected. Upside of recovery should be limited well below 0.9051 resistance to bring fall resumption. On the downside, break of 0.8875 will target 61.8% retracement of 0.8620 to 0.9097 at 0.8802 and below.
In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). At this point, there is no clear sign of range break out yet. And more corrective trading would continue. On the upside, in case of another rise, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.
/h2
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