EUR/USD Daily Analysis - 19/09/2012

[kiriss5678]

Intraday bias in EUR/USD remains neutral and more consolidations could be seen below 1.3171 temporary top. But downside of retreat should be contained by 1.2816 support (38.2% retracement of 1.2255 to 1.3171 at 1.2821) and bring rally resumption. Above 1.3171 should pave the way to 1.3486 key resistances, which is close to 50% retracement level.

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In the bigger picture, fall from 1.4939 is treated as a falling leg inside the consolidation pattern that started at 1.6039 (2008 high). Such decline should have completed at 1.2042 already. Break of 1.3486 will confirm and should pave the way to 1.5 psychological level in medium term. We'd now stay bullish as long as 1.25 psychological levels hold.

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