Nice rip off the open and right to near 1.5000 which was the resistance area mentioned in yesterday (well, I said 1.4990 on the high end).

Based on the range that has been established, it looks like we are going to move back down today within that range.  The only thing that would change this is if we get back above 1.5000 in which case we have resistance at 1.5015-1.5020, 1.5045 and 1.5060.  A break above that level indicates a renewed upward move.

A drop below 1.4920 indicates a move back to 1.4880.  If the selling continues and 1.4860 is penetrated resistance is 1.4830 followed by 1.4800.

Not too much else to say as we are currently in a well defined range.

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Cory Mitchell, CMT
Chief Market Strategist
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