Today's Support and Resistance Levels:
R3: 142.15
R2: 141.93
R1: 141.73
Current Spot: 141.46
S1: 141.20
S2: 141.91
S3: 140.79
Technical Summary:
With the break below 142.15 we had the first strong indication, that an important top is in place at 142.83. However, a break below 140.91 is still needed to confirm, that the top of wave v of 5 is in place and that a major correction towards at least 124.95 is developing.
Short term look for a move closer to 140.91 (likely not a break below on the first attempt) followed by a correction higher towards 142.15, form where renewed downside pressure should be seen and this time a clear break below important support at 140.91.
Today's Support and Resistance Levels:
R3: 1.6779
R2: 1.6708
R1: 1.6658
Current Spot: 1.6622
S1: 1.6590
S2: 1.6556
S3: 1.6516
Technical Summary:
I'm still looking for the final rally in green wave v towards 1.6869 to end the leading diagonal. Once green wave v is in place a correction towards 1.6556 should be seen, before a new impulsive rally higher towards at least 1.7239 is expected.
Short term support at 1.6590 should protect the downside for a break above 1.6658 confirming the rally towards 1.6869. Only an unexpected direct break below 1.6556 will invalidate the bullish call and add considerable downside pressure.
