Today's Support and Resistance Levels:
R3: 135.32
R2: 134.96
R1: 134.65
Current Spot: 134.40
S1: 134.29
S2: 133.88
S3: 133.60
Technical Summary:
We have not seen much action since yesterday and most of that action has been towards the downside. We have seen a break below minor support at 134.52 (the low has been 134.29), but important short term support still holds firm. As long as the support at 133.88 protects the downside we will be looking for a continuation higher. The first indication that a new rally is developing is a break above 134.65 and more importantly a break above 134.96, which confirms a new rally towards 135.32 and 135.50.
However, the rally since the 133.60 low is not convincing, but we will keep giving the upside the benefit of the doubt until the market action tells us otherwise.
Today's Support and Resistance Levels:
R3: 1.6800
R2: 1.6736
R1: 1.6684
Current Spot: 1.6662
S1: 1.6617
S2: 1.6559
S3: 1.6498
Technical Summary:
Important short term support at 1.6559 held firm yesterday and protected the downside for a new rally towards the top at 1.6684. I'm still looking for a break below 1.6559 to confirm a deeper wave ii correction towards 1.6498 and likely lower towards 1.6444, but we have to accept, that as long as support at 1.6559 protects the downside the uptrend is intact and a possibility of a break above resistance at 1.6684 is a possibility, which will open for a continuation higher towards 1.6736. That said, I do prefer, that resistance at 1.6684 holds firm for the break below 1.6559.
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