Wednesday, despite lots of economic data, traded within a 90 pip range…rather similar Dec 14.  It would appear we have a similar set up.  Thursday will tell us if this is the case.  This pair is still exhibiting weakness, and probabilities lie on the downside.

1.4500 is current support, although the actual support range is 1.4500-1.4485.  A move below this has a target of 1.4460, 1.4430 and 1.4400.

1.4590 is resistance but resistance also lies between 1.4600-1.4615.  Further rises are likely to encounter resistance at 1.4640, 1.4660 and 1.4680.  1.4680 is the the main one to watch for (and would require a big move to get there today).  Until that level is taken out, this market remains in correction.  If the level is taken out, it provides a case for at least a short term reversal higher if the level can be sustained.

Cory Mitchell, CMT

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Cory Mitchell, CMT
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