Today's Support and Resistance Levels:
R3: 144.00
R2: 143.60
R1: 142.38
Current Spot: 142.07
S1: 141.76
S2: 141.53
S3: 140.99
Technical Summary:
We are in the final stages of the impulsive rally of the 131.20 low, but as long as support at 140.99 protects the downside, I will be looking for a continuation higher towards 143.60 and maybe even 144.00. Only a direct break below 140.99 indicates, that we have an important top in place, but a break below 138.42 is needed to confirm the top and that a major correction towards at least 124.92 is developing.
Today's Support and Resistance Levels:
R3: 1.6750
R2: 1.6688
R1: 1.6615
Current Spot: 1.6586
S1: 1.6550
S2: 1.6508
S2: 1.6470
Technical Summary:
We have seen the expected rally above minor resistance at 1.6556 indicating, that green wave ii ended at 1.6470 and that green wave iii is developing. Short term I would like to see support at 1.6550 protect the downside for a break above 1.6615 and more importantly a break above 1.6750, which will confirm that green wave iii is indeed developing for a rally towards at least 1.7239 and likely even higher.
Only a break below 1.6470 will be of concern and could add considerable downside pressure.
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