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The pair has started the week with a really strong recovery, and daily charts are suggesting a continuation to the upside: the pair is right now above the 38.2% of the last down leg, and seems likely to close above it; Momentum indicator has reached a bottom and its turning up, while CCI is pointing also to break the 0.00 line: this means that although clear signals are not there, the pair is tending higher.I can see a tough congestion zone around 1.7710 and the 50% retracement around 1.7722, so a daily opening above this 38.2% and above today´s close, will probably be a good bullish opportunity to the zone around 1.7700/30 next probable target. If the pair manages to break above it, well, 1.7930 zone will be the next to consider (see the daily chart attached) the 61.8% of the rally. On the other hand, under the 1.7420, the bullish continuation will probably be denied and the pair will try to target the zone around 1.7300 and under it, 1.7220.
4 hours charts, are showing the pair has probably reached a top today, with a first support around 1.7510, a really tought zone. If optimism continues and US stocks run high like yesterday, that zone will probably hold to the downside, and resistances to consider will be 1.7565 and today’s maximum around 1.7630. Under 1.7492, the pair will have 1.7455 and 1.7420 as supports for today.
