(CLICK ON THE CHART TO ENLARGE IT)
Very Hard to say. The RSI kicking up above its EMA with a bearish divergence as well as the MACD histogram, all that favour the long. But the next resistance at 1.9830 which is a double-top formed on Dec 04th, 06 (evening start) and Jan 24th, 07 (with a shooting-star the day before), and the DMI/ADX showing lack of trend, leads me to say that this diamond formation is still due to be finished, and market is sideways. 62 EMA acting as resistance at 1.9770.
In the short-term the bias is bearish, specially considering the double-top formed by the June 12 and June 15th highs. On The 30-minute chart you will clearly see that this double-top was formed at 1.9780, which is the 50% fibo from 1,9942 to 1.9619. The break of the 1.9742 (38% of same fibo) confirms the short at least to 1.9700 (slightly above the 23% of same Fibo, at 1.9696).
