The extended target of 1.5020 was touched on Monday after a sharp rally.  Until the last few minutes, our other resistance level (now support) held at 1.4980 containing the movement between these two levels.

If the move below in 1.4980 is a breakout it indicates a move  to 1.4940. Support and targets beyond are are at 1.4910, 1.4880 and 1.4840.

A rise back above 1.5000 will likely test the Monday’s highs, and if those high at 1.5020 are exceeded expect a swing higher to 1.5060.  With little resistance beyond the next targets are 1.5085 and 1.5115.

Cory Mitchell, CMT
Chief Market Strategist
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