Today's Support and Resistance Levels:
R3: 139.89
R2: 139.70
R1: 139.55
Current Spot: 139.22
S1: 138.88
S2: 138.31 Break below this support will be the first indication of a top in place
S3: 137.77
Technical Summary:
With a high at 139.70 (just 19 pips below the ideal target at 139.89) we could have the top of wave v of 5 in place. However, we need a break below 138.33 as the first good indication, but only a break below important support at 137.10 confirms the top for a major wave II correction, that will take us down to at least 124.92 (the origin of the ending diagonal).
Short term as long as support at 138.31 stays unbroken we could still see one last rally higher towards the ideal target at 139.89 before the top is finally in place.
Today's Support and Resistance Levels:
R3: 1.6970
R2: 1.6890
R1: 1.6843
Current Spot: 1.6799
S1: 1.6749
S2: 1.6710
S3: 1.6637
Technical Summary:
With the clear break above 1.6733 green wave v is extending and the next target for green wave v is at 1.6970, where green wave v is 100% of the distance traveled from the bottom of green wave i top the top of green wave iii. As we also have broken clearly out of the base-channel we should expect only small or even sub-normal corrections as wave iii extends higher.
Short term we should expect support at 1.6749 will protect the downside for a continuation higher towards 1.6970. A break below 1.6749 or more importantly a break below 1.6710 will call for a deeper correction towards 1.6625 before higher again.
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