Bearish looking price action overnight as it failed to move above 1.5900 level and sold off sharply since. Breaking below that 1.5720 support opens for lower levels. Potential for a double top now and next key support is that rising trend line at 1.5560.
Support: 1.5560 (rising sup), 1.5344 (38,20% Fibonacci) 1.5104 (rising support), 1.4967 (break out level)
Resistance: 1.5720, 1.5860(weekly high), 1.5903 (all time high), 1.6000(psychological level)
240 min Rising support coming in at 1.5560.
Taking out 1.9820 support overnight and next key level is 1.9720-30 and any break below this level extends the weakness towards 1.9360 level medium term. Bearish momentum is intact below 1.9865 today (former rising support).
Support: 1.9736 (break out level), 1.9705 (former overhead res), 1.9650, (break out level), 1.9360, 1.9337 (key Jan low), 1.9310
Resistance: 1.9865 (former rising sup), 1.9920 (former support), 2.0185 (former trend channel support), 2.0447 (overhead res), 2.0570 (trend channel resistance)
120 min Former rising support at 1.9865 is the resistance now.
Falling resistance coming in at 1.0040 today, which was just broken, so that opens for an extension towards 1.0250, which is key resistance now. Need to hold above rising support at 0.9894 to maintain recent bullish momentum .
Support: 0.9894 (rising support), 0.9823 (former underlying support), 0.9647 (all time low)
Resistance: 1.0040 (falling res), 1.0290(former underlying support), 1.0350, 1.0728 (prior low), 1.0936 (break down level),
Took out 100.30 resistance overnight and that open for a test of key resistance 101.55 (former underlying support) and as longs as it stays below this level it could still make another move lower near term. Support coming in at 98.30.
Support: 100.30 (former res), 98.30, 95.70 (yearly low)
Resistance: 101.70 (former underlying sup), 104.95 (former 2008 low), 105.70 (former key support), 107.04 (former rising support), 107.25 (falling res), 108.63 (overhead res), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
Falling resistance at 158.80 that seems like a good selling level on any test. To the downside the interim rising support coming in at 156.20 today, so needs to break below this level to open for any more persistent weakness.
Support: 156.20 (interim rising sup), 153.60, 151.70 (last weeks low)
Resistance: 158.81 (falling res), 159.00 (overhead res), 159.20 (falling res), 161.60 (minor res), 162.17 (key res)
Next key resistance is now the 2008 high at 1.0378 and any approach of this level should meet selling interest, at least on the first test. Former falling resistance coming in at coming in at 1.0168 today that should act as a support today.
Support: 1.0168, (former falling res), 1.0070 (former overhear res), 1.0030 (break out level), 0.9796 (rising support from Nov07 low), 0.9710 (28/2 low), 0.9639 (underlying support)
Resistance: 1.0378 (key level, overhead res), 1.0400(former key support.)
Rising support coming in at 0.7777 today and while above this level the outlook remains bullish. But just failed to move above 0.80 level yesterday that prompted some profit taking from the look of things. So could easily drop down towards this rising support at 0.7777 near term.
Support: 0.7777(interim rising sup), 0.7612 (former high), 0.7597(key level), 0.7515 (former res)
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