Well, we did have a bit of a sell off (thank Mr. Bernanke!) midday yesterday but it stopped exactly at 1.4880 which was the final support level in yesterday’s post.  A move lower would have indicated a move to the lower peripheries of the range at 1.4820.

Other than the fluctuations around the speak, the pair traded in a tight range.

Support comes in from 1.4950-1.4930.  If we get below that range the first target is 1.4900.  A break below 1.4880 indicates a move to 1.4820.

On the upside we have resistance between 1.4980 and 1.5000.  Until we get over 1.5020 it is likely to continue to be choppy trading.  A push above 1.5020 indicates a test of former highs at 1.5045 with further strength probing 1.5060.  Getting above 1.5075 indicates another swing higher over the longer term and a target today of 1.5100-1.5115.

Cory Mitchell, CMT
Chief Market Strategist
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