Dec Schatz opened higher yesterday just above the rising trend line at 110.65 which was also the low of the day. This will now be good support the next level will be 110.63 as this was the 50% retracement from the 17th Sept. The next support level would then be 110.60 a break of this level would take us lower to 110.53 which is 100% fib retracement level. The Stochastics on the hourly charts are about to give an over bought signal along with the daily chart.
Good resistance at 110.715 as this is a double top on the hourlys a break above here we look to test 110.73/74 where we meet the 100 day MA and is also 100% retracement. This may be enough of a correction higher now so watch for selling pressure to emerge but if we do break higher look for 110.78/79
The article was first published by CharmerCharts