The pair broke out of it’s range on Friday going precisely to the lows of the support range specified, 1.4600-1.4580.  The low was 1.4885.

There is minor resistance between 1.4640-1.4650.  More substantial resistance comes in at 1.4665-1.4680 which is the old support (now resistance) for the range which was just broken out of.  Further resistance is offered just above 1.4700-1.4720.  Movement above indicates the possibility of a false downward break, and that recent highs at 1.4760 and/or 1.4780 will be tested.

1.4585 is support.  A sustained break below is likely to target 1.4525 and beyond that, if needed, 1.4500-1.4480.

Overall the probabilities still lie in further downward moves.  Trade with the trend but don’t become attached to it.

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Have a great week!

Cory Mitchell, CMT
Chief Market Strategist
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