Looks like the Symmetrical Triangle that I wrote about yesterday that was forming is now being broken (the curse of the commentator!#?) Tech indicators are confirming down move this and suggesting that we could be going further lower before heading back higher. Elliott 3 wave correction (A,B,C) still intact so our MT & LT views still remain as before. I must note a big sell off could start to change this view however.
Important levels to watch out for are 96.60 and 94.00 which could give the currency some support, with the later being stronger than the first. The 4 hr chart looks pretty negative as well and confirms the daily chart, given that we had a gap down, we may recover to fill this but the cluster around the 97.70 could offer resistance and might struggle to advance much further, giving potentially a good selling opportunity at this level to ride it back down to the first significant resistance level of 96.60, running a stop at 98.30, just above the previous consolidation range.
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