Today's Support and Resistance Levels:
R3: 145.69
R2: 145.17
R3: 144.95
Current Spot: 144.72
S1: 144.55
S2: 144.37
S3: 143.85
Technical Summary:
My expectation of a rally to 145.19 worked well, as we saw a top just 2 pips below at 145.17. I will now be looking for a break below minor support at 144.55, which will confirm a decline to at least 143.85. However, to confirm that we have seen an important top at 145.69 we need a break below 143.53. As long as important support at 143.53 protects the downside, we need to give the upside the benefit of the doubt by looking for one last rally above 145.69 once this decline is over.
Today's Support and Resistance Levels:
R3: 1.6924
R2: 1.6877
R1: 1.6807
Current Spot: 1.6789
S1: 1.6747
S2: 1.6674
S3: 1.6625
Technical Summary:
As I said yesterday a break below 1.6807 will force me to change my count slightly. The break below 1.6807 told us, that blue wave v of the expanding diagonal ended at 1.6996 and we should now be looking for a correction towards 1.6569, before the next rally can be expected.
However, I have a bearish alternate count (see the chart below), which we have to consider as a serious possibility. We might only just have seen the top of a very complex b wave at 1.6996 and wave c lower is now developing for a decline towards 1.5793.
No matter which of the two scenarios, that proves to be correct, we should be looking for a decline over the coming days.
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