Today's Support and Resistance Levels:
R3: 134.55
R2: 134.07
R1: 133.84
Current Spot:133.65
S1: 133.53
S2: 133.24
S3: 132.96
Technical Summary:
With the direct break above resistance at 133.63 we most likely had the confirmation we needed to say, that red wave ii ended already with the test of 132.61 and red wave iii is unfolding. Short term support at 133.24 now needs to protect the downside for an acceleration higher towards 134.55 and higher towards 134.95 as the next targets on the way towards the ideal red wave iii target at 137.04 as I expect red wave iii to extend. However, if important short term support at 133.24 is broken it will indicate, that we need more time consolidating in the 132.61 - 133.84 range before the next impulsive rally is ready to take over.
Today's Support and Resistance Levels:
R3: 1.6239
R2: 1.6183
R1: 1.6136
Current Spot: 1.6068
S1: 1.6017
S2: 1.5945
S3: 1.5872
Technical Summary:
We have seen the expected decline towards 1.6018 (the low has been 1.6017). After a minor consolidation in the 1.6017 - 1.6136 area we should see the next decline towards 1.5945 and the ideal target for this C-wave at 1.5872 from where I expect the next major impulsive rally higher towards 1.6515 and higher towards 1.7274.
Short term minor resistance at 1.6136 will ideally protect the upside for the next decline, but a break above 1.6136 will delay the downside pressure for a move closer to 1.6211 before down again. At no point should we trade above 1.6233 as that would indicate, that an important low is already in place.
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