R3: 1.9980

R2: 1.9930/40

R1: 1.9880

Current Price: 1.9845

S1: 1.9810/20

S2: 1.9780

S3: 1.9750

Rate finds some support as expected at the 50 bar MA; look for a technical bounce the next 48 hours but as long as the highs remain under the 1.9950 area on a closing basis the shorts are gaining control. Strong sell signal on the daily will need a day or two to confirm so sells strength into the 1.9980 area in my view. Close under the 50 bar MA argues for further declines and large stops likely under the 1.9780 area; big money traders likely to work with stop close only orders under the 50 bar MA.