Although the falling trend-line at 1.62 remains intact after an attack launched last week, the bulls are not giving in.
Considering the trading early this morning, namely the EUR/USD bouncing off the recently breached down-trend, the market intends to keep pushing the price of the Euro higher.
It seems that NZD/USD might post the first weekly gains in two months, as the Kiwi has held its positions after a strong performance at the beginning of the week.
USD/CAD has not recovered from Monday's slump just yet; although, the pair has reversed some of the losses.
At the beginning of the week the pair managed to recover some of the previous losses; however, the Aussie failed to break the monthly PP at 0.7970.
The Europe's single currency most likely will extend its decline against the Japanese Yen to three straight weeks today, as the currency pair is heading towards the 136 mark.
As expected, the up-trend at 0.95 managed to stay intact, as the monthly PP at 0.9450 provided aid in negating this week's downward momentum.
Although at first it seemed that 108 will now represent the lower boundary of the trading range for USD/JPY, the currency pair dipped below this level, meaning the correction is likely to drag on.
The Sterling-bulls are not as sanguine as earlier this week after encountering the three-month falling resistance line at 1.62.
Yesterday the market confirmed presence of concentrated supply at 1.28, where the weekly R2 merges with the monthly pivot point, by retreating to 1.2660.
Since Monday the pair has been on a path of recovery; moreover, the pair touched the monthly PP at 0.7970 today.
The pair is trading considerably lower, after yesterday's test of 1.12 level that sent USD/CAD to the current trading levels.
The AUD/USD cross seems to continue its journey towards the major level at 0.89, possibly the 0.90 level in the longer term.
EUR/JPY declined today, after reaching a cluster of resistances (55 and 100-day SMAs; weekly PP) around 137.80 level, that demonstrated its strength by sending the pair lower towards the 137 mark.
As the weekly S1 did not succeed at keeping USD/CHF above 0.9550 for long, the pair is now testing the two-month up-trend at 0.95.
USD/JPY is putting more and more pressure on the support at 108, greatly increasing the risk of the level being breached.
The market is driving the Sterling higher and higher.
A day ago it seemed as if the down-trend at 1.2660 would prevent the price of the Euro from grinding higher.
There has not been much change since the last time of writing, NZD/USD is trading slightly above the 0.78 level and the weekly PP at 0.7789.
The pair is gradually recovering from its Monday's decline, when USD/CAD plummeted more than 100 pips.
AUD/USD has reversed some of the last week's losses thus far; although, at the moment the pair is challenging the major level at 0.88.
The Europe's shared currency continues to trade around the major level at 137, after yesterday's drop from the 55 and 100-day SMAs at 137.76/85.
Right now USD/CHF is supported by the weekly S1. And if the things stay as they are, namely 0.9550 remains intact, the pair should be able to climb over the weekly PP at 0.9617.
Despite the currency pair facing a number of supports yesterday, it nonetheless closed below the up-trend at 108.50, meaning the lower edge of the trading range in the medium term is rather 108.