Today's Support and Resistance Levels:
R3: 135.76
R2: 135.32
R1: 135.01
Current Spot: 134.86
S1: 134.65
S2: 134.26
S3: 133.88
Technical Summary:
We continue to gain a little ground all the time, but not in a very convincing way. However, as I have done for the week, I will keep giving the upside the benefit of the doubt and expect a continuation higher towards 135.32 and 135.76 as long as support at 134.65 and more importantly as long as support at 134.26 protects the downside. Only a break below 134.26 will indicate, that a more complex correction is unfolding for a decline towards 133.25 and possibly even lower to 132.61.
Today's Support and Resistance Levels:
R3: 1.6800
R2: 1.6773
R1: 1.6723
Current Spot: 1.6646
S1: 1.6611
S2: 1.6572
S3: 1.6498
Technical Summary:
The rally from the 1.6057 low continues higher and we have seen 1.6723 tested, however, there are clearly a loss of momentum on this last rally higher, which does indicate that a top could be in place or be nearby. To confirm the top we need a break below 1.6611 and more importantly a break below 1.6572 that would call for a correction towards at least 1.6469 and possibly even lower towards 1.6390 and 1.6311. That said, we have to respect the ongoing uptrend as long as support at 1.6611 protects the downside, for a possible extension higher towards 1.6773.
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