If we get back above 1.5000 we have resistance at 1.5015-1.5020, 1.5045 and 1.5060.  A break above that level indicates a renewed upward move.  Getting above 1.5075 indicates another swing higher over the longer term and a target of 1.5100-1.5115.

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.

We are still in a well defined range.

As a little bonus tonight, I got a forex video for you.  In today’s video I’m going to share with you a wonderful way to look at the forex markets and determine which way they are headed in a matter of seconds. We’ll be looking at three different cross rates and how they all correlate together in a way that I think may surprise you.

Finding the trend in the foreign exchange markets:
http://www.ino.com/info/487/CD3784/&dp=0&l=0&campaignid=3

Have a great day/night!

Cory Mitchell, CMT
Chief Market Strategist
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