Support above 1.4800 held once again on Friday, and with a move higher in early trading Monday we have indications of another swing higher.

A break above 1.4920 indicated another move higher, which we have now seen as the pair is currently at 1.4934.  Targets/resistance at 1.4950 and 1.4980.  Additional targets which are possible, but outside today’s likely range are at 1.5020 and 1.5045.

A drop below 1.4880 indicates a further slide – and that at least for the now the breakout higher was a false break – to test the lower range at 1.4840 and 1.4815.

Cory Mitchell, CMT
Chief Market Strategist
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