Here's one for the long term traders, some charts from Société Générale

They say:

  • Rebound is in force after testing previously highlighted level of 1.05/1.04, a massive upward channel limit
  • Current pullback appears to be a flag within a down-move. 1.20/1.22 is likely to remain an important level if the recovery continues. These are 2008 lows and are pivotal as a breach below these has led to a significant shift towards a downtrend
  • A break below 1.05/1.04 would mean a correction of a larger degree (correction of the up-move since the 1980s). Only a move above 1.20/1.22 would indicate the possibility of an elongated rebound.