Today's Support and Resistance Levels:
R3: 139.83
R2: 139.62
R1: 139.54
Current Spot: 139.36
S1: 139.18
S2: 138.93
S1: 138.69
Technical Summary:
After some small stabs above the ideal target at 139.89 with a high at 140.02, we saw the expected decline and we we also saw a short term break below important support at 138.97, but was it enough to confirm, that we have seen an important top at 140.02? The decline from 140.02 does have some impulsive characteristics, which does support that an important top could be in place, but we do need more evidence to confirm the top. Short term we will ideally see a small rally to 139.54, before a break below 138.93 and more importantly a break below 138.69, confirms the impulsive decline for a continuation lower towards at least 138.31.
Only a break above 140.02 will invalidate the bearish count and indicate more short term stabbing to the upside, but we should not see much upside progress.
Today's Support and Resistance Levels:
R3: 1.6658
R2: 1.6636
R1: 1.6607
Current Spot: 1.6577
S1: 1.6560
S2: 1.6540
S3: 1.6520
Technical Summary:
After a quick decline, to just below the ideal target at 1.6446 (the low came in at 1.6443, just 3 small pips below the ideal target), we have seen a impulsive rally higher. This first rally will likely end at 1.6658, for a small decline to towards the 1.6540 - 1.6545 zone, before the next powerful rally higher, towards important resistance at 1.6843 and a break above higher will be very bullish long term.
