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Last week spike to 1.4720 is distorting a bit my vision of what happened and what could happen from here, but not that much: if we place a Fibo, in monthly charts to all the rally from 1.6038 to 1.2330, we find that the pair has passed just above the 61.8% to quickly come back even under the monthly ascendant trend line broken in October, and even today, seems hard to the pair to regain that zone. For me, we have already seen the correction of the unwind fall in the same unwind way. As long as the pair remains in this zone, i see more chances of a bearish continuation than a bullish one, more if we take into account that rumours of an ECB rate cut remain strong. So let’s consider the zone @ 1.4050 to be our first resistance to the upside, and the point to break to consider further upside rallies. On the other hand, the zone @ 1.3740 (31.8% of the mentioned rally) could well be our selling zone to the consider. I see a bearish January and we will have some good confirmation under that level. Meanwhile and just a note for today, consider 1.3880 and 1.3830 as intraday supports and 1.3960 and 1.4010 as intraday resistances.
