Today's Support and Resistance Levels:
R3: 142.89
R2: 142.74
R1: 142.49
Current Spot: 142.36
S1: 142.25
S2: 141.86
S3: 141.41
Technical Summary:
Do we have an important top in place at 142.89 or are we just consolidating for one last rally higher towards 143.25? It is still an open question. No matter what the outcome will be, we are in the very last part of the rally of the June 24 - 2012 low at 94.10. That said we do need a break below important short term support at 140.94 to confirm, that the top is in place and that a major correction has taken over for a decline towards at least 124.92 and likely lower towards 118.71.
Short term I will be looking for resistance at 142.49, which ideally will protect the upside for a break below support at 142.08 indicating a decline towards 141.41 and lower towards 140.94. However, a break above 142.49 will give us a new test of resistance at 142.89 on the way towards 143.24.
Today's Support and Resistance Levels:
R3: 1.6808
R2: 1.6749
R1: 1.6708
Current Spot: 1.6665
S1: 1.6630
S2: 1.6597
S3: 1.6569
Technical Summary:
Not much is happening here. I'm still looking for one last rally higher towards 1.6869 to finish the leading diagonal. Long term I'm looking for much higher levels, but we need to be patient and wait for this holding pattern to give away.
Short termlook for support at 1.6630 to protect the downside for a break above 1.6708 and more importantly a break above 1.6749 confirming a new test of 1.6808 on the way towards 1.6869.
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