
www.fxtimes.com -Forex News, Analysis, Commentaries, Education, Webinars, Live Events and more Original Article with images www.fxtimes.com EUR/USD - The correction to this week's rally started in yesterday's European session, bringing the EUR/USD from 1.4650 to 1.4531. - Then the market started to congest further below 1.4590. If the 1.4530 level breaks, a swing projection targets 1.4465. This would complete an abc correction and will be testing the 38.2% retracement level as well as the 200SMA, which is near 1.4450 at the moment. - If the market can rally back above 1.4590 after that, it would suggest a bullish continuation scenario. This scenario targets 1.4650-1.4675(a previous target) in the short-term and the 1.5140 2009 high in the medium term. GBP/USD - Cable is consolidating below 1.6600. A swing projection targeted 1.6660. The current correction does not invalidate that projection as well as the bullish outlook towards 1.69, and the 2009 high of 1.7040. - The current consolidation has support at 1.65. A break below has a swing projection target at 1.6470. An important support resides at the 1.6424 pivot just below the 38.2% retracement level. - The 200SMA and 61.8% just below 1.6350 serve as a support cluster. A break below this is a hint of a complex consolidation at hand. - However, if the market stays above 1.6424, and returns above the declining resistance and 1.6570 pivot, we are likely to first see a test of 1.6600. A break above 1.66 puts the 1.69 and <b>...</b>
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