As we head into this trading week, the trend is still down, but appears to be waning slightly; divergence is apparent on several times frames (although this is not a signal by itself, price needs to confirm).

Near-term support is at 1.4300. A drop below is likely to test former lows at 1.4260, but 1.4250 is also likely to act as support. A break below 1.4250 indicates a move to 1.4150. There is interim support in the area of 1.4200 and 1.4175.

Minor resistance is at 1.4355-1.4360. A 50 hour moving average which has worked quite well on the fall so far comes in at about 1.4380 and should also provide some resistance. If not, further resistance comes in 1.4400-1.4415. A break above 1.4420 indicates further buying can be expected and there is minimal resistance until 1.4500.

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Cory Mitchell, CMT
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