Today's Support and Resistance Levels:
R3: 134.84
R2: 134.15
R1: 133.42
Current Spot: 132.94
S1: 132.60
S2: 132.44
S3: 132.20
Technical Summary:
We have been trading in a narrow range between 132.60 and 133.42 since yesterday and we need a break above 133.42 to confirm, that wave b is over and wave c is ready to take us higher towards 137.69 and maximum 138.39. However, as long as important resistance at 133.42 protects the upside we still could see wave b spike lower towards 132.20 before wave b is finally over and wave c is ready to take over.
Only a direct break below 131.12 will indicate, that we already has seen an important top for wave v and that a correction towards 124.89 is developing.
Today's Support and Resistance Levels:
R3: 1.6471
R2: 1.6423
R1: 1.6349
Current Spot: 1.6320
S1: 1.6289
S2: 1.6270
S3: 1.6246
Technical Summary:
The rally of the 1.6246 low yesterday, does have a clear impulsive character, but to confirm that we have seen an important low at 1.6246 I would like to see support at 1.6270 protect the downside for a break above 1.6349, which would call for a powerful and extended rally higher towards at least 1.6423 and likely even higher towards 1.6471 on the way higher towards 1.6726 and higher.
That said, we could risk a deeper decline closer to 1.6246, as second waves are allowed to correct all of the first wave, but it can never break below the starting point of the first wave.
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