Today's Support and Resistance Levels:
R3: 141.43
R2: 141.03
R1: 140.70
Current Spot: 140.44
S1: 140.12
S2: 139.68
S3: 139.15
Technical Summary:
As expected the resistance in the 140.50 - 140.78 area (the high has been 140.70) protected the upside, but we still need a break below support at 139.68 to confirm that a top is in place and the next strong impulsive wave lower is developing. As long as support at 140.13 stays unbroken we could see a move slightly higher towards 140.78 before lower.
Short term a break below 140.13 will be the first indication that the next powerful decline is developing, while a break below 139.68 confirms the top for a decline towards 135.39.
Today's Support and Resistance Levels:
R3: 1.6643
R2: 1.6599
R1: 1.6558
Current Spot: 1.6491
S1: 1.6492
S2: 1.6463
S3: 1.6410
Technical Summary:
We have seen the expected decline towards support at 1.6492 to finish the flat correction, which has developed the last couple of days. Once this flat correction is finished, we should expect a new rally higher towards 1.6792 in red wave v.
Short term we could see a slightly deeper correction towards 1.6463 as long as resistance at 1.6558 protects the upside, but from 1.6463 or upon a break above 1.6558 we should see a new rally higher towards the ideal red wave v target at 1.6792.
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