Even though in the short run there are few doubts about the surge, since most of the daily studies are bullish and the price has gained a strong foothold above the 200-day SMA, the medium- and long-term prospects are much less clear.
The U.S. Dollar is softening, but this process could be halted by 92.89/66, from where the currency pair can re-start the recovery.
Yesterday the Cable tested the resistance area at 1.5227/1.5175, proving that the strength of supply there is unlikely to let the price rise beyond it.
From the current perspective it appears that the recent breakout was fake and the major down-trend support line at 1.3058 remains topical for the market.
Before the close yesterday, pair managed to dip 45 but advance 80 pips.
Daily technical indicators speak about pairs potential and propensity to advance above 1.03, but it seems that for the moment pair lacks catalyst which could start and fuel the rally.
Pair dipped by more than 95 pips yesterday, but continues to appreciate after receiving a strong bullish impetus from monthly S1 at 1.011.
It seems that there is a significant pressure on the pair put by weekly PP as for almost a week it cannot advance above 122 mark.
Yesterday the currency pair has confirmed a positive outlook by closing above the support at 0.9400/0.9387.
The currency pair again retreats, lacking upward momentum ahead of the key resistance zone that stretches from 95.00 down to 94.42 and is mainly formed by the up-trend resistance line.
Daily technical indicators turned bearish, implying that yesterday's recovery does not mean a reversal, but is only a short-term bullish correction.
EUR/USD has returned back to the down-trend at 1.3040 that now lies overhead, but the current bias is bearish, meaning we are more likely to see a sell-off here than a surge back above this line.
Pair dipped by more than 50 pips today with intention to consolidate below 200-day SMA, but was kicked back by the Bollinger band.
Pair started the week with almost no movement, but gave clear bullish intentions today by peaking above 1.03.
Pair started the week calmly at 1.02, but made a 90 pip dip today till monthly S1 where it received a bullish impetus and at the moment resides above weekly S1.
Pair started the week hovering between the weekly PP and 55 day SMA.
Neither the bullish resistance line nor the 200-day SMA were able to halt USD/CHF from rising beyond 0.94.
USD/JPY proved to be capable of rallying by approaching the rising trend-line, but the pair still remains weak, with only a few arguments speaking in favour of the price successively breaching 94.47/43 and 95.00/94.94, which in turn would reinstate its outlook as bullish.
The risk of a sharp surge up to the region of 1.5372 has subsided, as the bearish scenario came into force, implying that the dip is likely to be extended in the long term.
Last week the price did not receive sufficiently strong bullish impetus at 1.3061 in order to breach the 100-day SMA at 1.3162.
Pair remains very volatile—it dipped 100 pips after touching 100-day SMA yesterday, but was pushed almost al the way back by 200-day SMA/weekly S2/Bollinger band at 0.822.
Pair managed to appreciate by more than 125 pips today after receiving a bullish impetus from 1.021 yesterday, but did not manage to breach Bollinger band and was rather quickly pushed back below 1.03 where it currently resides.
Pair dipped below 1.019 all 3 recent sessions and kept holding overall bearish direction and although pair has been volatile for quite some time now, it seems that we can expect it to maintain overall bearish direction.
Pair was pushed back after stepping up closer to 122 yesterday, but receiver support from weekly S2 and at the moment is testing 121.