Today's Support and Resistance Levels:
R3: 130.16
R2: 129.72
R1: 129.20
Current Sport: 129.05
S1: 128.83
S2: 128.21
S3: 127.62
Technical Summary:
After a push towards 129.71, we should be ready for the next impulsive decline towards 126.06 and our ideal target for wave C of this flat correction near 124.96. Short term I expect minor resistance at 129.20 to protect the upside for a break below 128.83 and more importantly a break below 128.21, which confirms, that the next impulsive decline towards 126.06 is developing. A break above 129.20 will confuse the picture, but only a break above 129.46 will force a short term re-count.
Today's Support and Resistance Levels:
R3: 1.6946
R2: 1.6872
R1: 1.6796
Current Spot: 1.6743
S1: 1.6674
S2: 1.6623
S3: 1.6572
Technical Summary:
I'm looking for the C-wave of a major flat correction to develop towards strong support at 1.6225. Short term I expect minor resistance at 1.6796 to protect the upside for a break below 1.6703 and more importantly a break below 1.6673, which confirms the next impulsive decline towards 1.6414. However, if resistance at 1.6796 breaks it will delay the downside pressure for a move slightly higher towards 1.6872, but under no circumstance can a break above 1.6946 be allowed as that would invalidate this bearish count.
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