DislikedThe significance of 224 I believe (funnymental reasons aside) most probably stems from the consolidation and lows going back to 1986 - 1991 period and help from the near touch of a high 310806. (see Monthly chart)Ignored
I can now see where 224 may have originated and I am of the opinion that it is a temporary up movement. I have looked at the monthly and I am convinced that strong support sits at 221/220. 224 seems fairly strong when considering that price bounced 800 pips off that level. If this second bounce goes much higher than the low 228 region then I may start to consider it a reversal so I will wait and see. I am expecting one more drop to my reversal level of 221/220.
Thanks for sharing!