EURUSD Analysis.

Yesterday the currency pair EUR/USD rose again and is currently trading in the 12th figure above support levels 1,1171 and 1,1104. Indicators show the possibility of corrective decline and sales of the pair to the support level. We should buy the pair to the resistance levels 1,1273 and 1,1340 above yesterday's high – 1,1238.

http://www.imageup.ru/img127/2343869/eurusdh1.png

Break there will affirm the case that whole rebound from 1.0517 is completed after hitting 100% projection of 1.0517 to 1.1059 from 1.0809 at 1.1351. In that case, deeper fall should be seen to 1.0809 support next.

Further fall should be seen to 1.0809 support first. Break there will bring retest of 1.0517 low. On the upside, though, above 1.1136 minor resistance will turn bias neutral first.

Intraday bias in EUR/USD remains on the downside for 1.0809 support. The rebound from 1.0517 should have completed at 1.1376. Break of 1.0809 will confirm this case and target retest of 1.0517 low.

At this point, deeper fall is still expected in EUR/USD as long as 1.1138 resistance holds. As noted before, the rebound from 1.0517 should have completed at 1.1376. Further fall should be seen to 1.0809.

Extension above here is needed to open up further strength to the 200-day average and late February high at 1.1046/68. We would expect a cap here and above it is needed to turn the trend higher again for 1.1101 then 1.1166.

Key support is at 1.0700, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.2000 area. On the downside, a breakdown below 1.0700 support will indicate that the uptrend had completed at 1.1376 already

EURUSD is facing 1.1376 resistance, a break of this level will confirm that the uptrend from 1.0517 has resumed, then next target would be at 1.2000 area.

As the single currency has remained under pressure, retaining our view that near term downside risk remains for the fall from 1.1342 to bring retracement of recent rise and weakness to 1.1140-43 (38.2% Fibonacci retracement of 1.0822-1.1342) is likely, however, reckon 1.1100-05 would limit downside and bring rebound later. Above 1.1200-05 would bring test of resistance at 1.1239 but break there is needed to signal low is formed, then stronger rebound to 1.1285 would follow.

Would not chase this rise here and would be prudent to reinstate long on pullback as said support at 1.1310 should limit downside. Below support at 1.1283 would defer and suggest top is possibly formed, risk correction to 1.1250-60 first.