17 Feb 2015



After breaking higher above the level of interest - 181.50, rate has tested it as the new support.

The next important resistance level comes in at 184.65 - the falling gap from the first trading days of the year. A break above this level should take the rate up to test the previous highs at 187.50 and 189.71.

Only a daily close back below the 181.50 level would invalidate my immediate bullish bias for the pair.


The rate is now trading in a middle of a range between the falling trendline resistance from the last year's high and february lows/old resistance around 1.4400. A break below this level should take the rate down to test the yearly lows at 1.4000.

Only a daily close above 1.5000 would nvalidate my medium term bearish bias for the pair and would open a way up to last year's high at 1.5332.


The rate has tested a major resistance area. 2.0900 is a falling trendline resistance from 2009 and also a possible massive inverse head and shoulders neckline.

A break below the current range support at 1.0350 would indicate the rate is heading back down for the rising chanel flor at around 1.9500, however, there's still the rising gap support waiting at 2.0100, which needs to be broken to aim for the 1.9500 with certainty.

Only a daily close above 2.1000 would invalidate my long term and immediate bearish outlook for the pair.


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