EURUSD
The Euro consolidates within 1.3540/90 range, after pullback from 1.3645 peak found support at 1.3540, Fibonacci 61.8% retracement of 1.3476/1.3645 upleg. Hourly studies are weak, while 4-hour RSI holds in the neutral area; MACD just above the midline and loss of momentum maintains the downside risk. However, the downside is for now protected by ascending 55DMA, currently at 1.3543 that makes initial support, ahead of range floor at 1.3540, while sideways-moving 20DMA at 1.3572 limits upside attempts, ahead of range top at 1.3590. Break of either side to define near-term direction, with 4-hour bearish divergence, seeing more downside risk. Bearish resumption requires break below 1.3540/00 supports to open way for further correction, while alternative scenario sees break above 1.3600 barrier, needed to neutralize near-term bears.
Res: 1.3590; 1.3600; 1.3630; 1.3645
Sup: 1.3555; 1.3537; 1.3500; 1.3460
GBPUSD
Cable corrects recent losses that found support at important 1.6000 zone, with rally being so far capped at 1.61 zone, also Fibonacci 38.2% retracement of 1.6259/1.6005 decline. Slightly improved hourly studies still lack momentum for further recovery, as bears dominate on 4-hour studies and price action being limited by 20/55DMA
Linear Mode
