Today's Support and Resistance Levels:
R3: 140.88
R2: 140.63
R1: 140.42
Current Spot: 140.10
S1: 140.00
S2: 139.49
S3: 138.95
Technical Summary:
The corrective cycle I was looking for is still unfolding and I expect support at 140.00 and more importantly at 139.49 will protect the downside for the last rally higher towards 142.41 before renewed downside pressure takes over. However, if we does see a break below support at 139.49 the correction from 136.23 will indicate that the correction ended early and a break below important support at 138.95 confirms a new test of 136.23 on the way lower to the ideal corrective target at 126.03.
Today's Support and Resistance Levels:
R3: 1.6748
R2: 1.6713
R1: 1.6670
Current Spot: 1.6629
S1: 1.6618
S2: 1.6574
S3: 1.6523
Technical Summary:
We now have a five wave rally from the 1.6252 low and a correction could evolve any time now. That said, I do expect the final fifth wave to reach 1.6713 before the correction sets in. Once this wave 1 is over we should see a correction lower towards at least 1.6478. A break below support at 1.6574 confirms that wave 1 is in place and the wave 2 correction towards at least 1.6478 and possibly even lower towards 1.6413 is developing.
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