Tuesday was fairly reserved, keeping within a range of about 80 pips which is well below average.  Given that we are very close to a pivotal level this can be expected.  The range that has established provides opportunities to trade either side of the market.   The bias is still up and another wave higher is likely, yet as we push at a critical resistance point we need to be aware of the targets on the downside as well.

Support is 1.4940, with a  break below indicating a move to 1.4910.  Beyond 1.4880 and 1.4840 are the targets/support if needed.

A break above 1.5020 indicates a test of former highs at 1.5060.  This level was mentioned in yesterday’s post, and the market could not push through it.  If we do break to the upside and also move through 1.5060, further targets are 1.5115.  There is little resistance beyond but prices should stall today by 1.5140 if we do in fact break to new (yearly) highs.

Cory Mitchell, CMT
Chief Market Strategist
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