Today's Support and Resistance Levels:
R3: 133.37
R2: 133.17
R1: 132.64
Current Spot: 132.38
S1: 132.04
S2: 131.63
S3. 131.22
Technical Summary:
We have been trading in a very narrow 40 pips range since yesterday. I'm still looking for a break above 132.64 to confirm, that red wave ii is over and red wave iii has taken over for the next impulsive rally higher towards 133.37 and 138.00 as the next major target. However, as long as resistance at 132.64 protects the upside we must accept the possibility for a new attack on support at 131.63 and if broken a deeper correction towards 131.37 and less likely even lower towards 130.98 before higher again.
Today's Support and Resistance Levels:
R3: 1.6421
R2: 1.6364
R1: 1.6348
Current Spot: 1.6307
S1: 1.6276
S2: 1.6227
S3: 1.6189
Technical Summary:
Here I'm looking for the break above resistance at 1.6364 to confirm, that wave C of the expanded flat correction is finally in place. A break above 1.6364 will not alone confirm that wave C is over, but it will also confirm, that the next impulsive rally higher towards 1.7274 and 1.7800 is developing. That said, we will have to accept the risk of an even deeper decline in wave C as long as resistance at 1.6364 protects the upside. A clear break below 1.6227 will call for a move lower towards 1.6117 before higher, but this outcome is not my preferred picture.
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