The single currency bounces vs the dollar at the beginning of the week, with gap-higher opening backed by positive news from Eurozone. Initial barriers at 1.2600/20 are now coming under pressure. On the downside, 1.2500 offers solid support for now, despite last Friday’s brief break that posted fresh low at 1.2496. Larger picture, however, shows bears fully in play, though indicators at their extreme points, with bounces higher seen as corrective, as long as 1.2800 zone, previous high of 21 May and Fib 38.2% of 1.3282/1.2496 limits the upside. Positive tone on hourly chart sees potential for further corrective action, once 1.2620 is cleared, with 1.2670, 50% and 1.2700, figure resistance / Fib 61.8%, seen next.

Res: 1.2620, 1.2633, 1.2670, 1.2685
Sup: 1.2584, 1.2558, 1.2515, 1.2500

The pair moves in a near-term corrective mode, after broad slide from 1.6300, yearly high, found temporary support at 1.5630, near Fib 61.8% of 1.5233/1.6300 ascend. Overextended studies on a daily chart see potential for stronger corrective action, however, no firm signal seen yet. Positive tone on hourly chart, from the other side, supports current action higher, with overnight’s gap-higher opening, attempting at first significant barrier at 1.5700/25 zone, Fib 38.2% / 24 May high. To confirm recovery, regain of minimum 1.5800, 200 day MA, is required.

Res: 1.5716, 1.5725, 1.5737, 1.5763
Sup: 1.5675, 1.5662, 1.5646, 1.5629

Recovery attempt off 79.00 is losing ground after gains were capped at 80.00 zone, daily Ichimoku cloud base. Subsequent easing below bull trendline connecting 79.00/20 lows, with weakening near-term studies, sees risk of revisiting our key short-term support at 79.00, break of which to open way for fresh extension of broader downtrend from 84.17, annual high and expose 78.50, 200 day MA, next. Initial resistances lie at 79.7080, where 55 day EMA caps, while only firm break above 80.00, previous high / Fib 38.2%, would bring short-term bulls back in play for possible attack at the next significant barrier at 80.60.

Res: 79.50, 79.70, 79.81, 80.00
Sup: 79.20, 79.00, 78.50, 78.30

Remains in a near-term corrective mode, after 0.9600 zone limited recent strong gains. Initial support at 0.9540 now comes under pressure, below which to open 0.9500. Only extension below 0.9465, last week’s higher platform and Fib 61.8% of 0.9366/0.9609 ascend, would signal a pause in short-term uptrend in favor of stronger corrective action, with 0.9400 and 0.9366 to come in focus. On the upside, filling today’s gap will bring bulls fully in play for fresh extension towards 0.9700 zone, our next target.

Res: 0.9570, 0.9590, 0.9609, 0.9650
Sup: 0.9513, 0.9500, 0.9465, 0.9443