We are currently ranging below the daily resistance level at 1.4806, which could take us down to the 1.4766 area to facilitate buying. This level is round about the backside of the downward trendline which was broken today. Bias remains bullish.
Other information for consideration is the fact that we are also buying off the 19.1% support of the last weekly swing, as such there will be attempts to close above the 38.2% and head toward the 50% level and ultimately the 80.9% or higher. Please see second chart for reference.
1.4796 Breach level (from fibbing 1.4835 to 1.4758) is also a crucial level that can trigger buying.
Other information for consideration is the fact that we are also buying off the 19.1% support of the last weekly swing, as such there will be attempts to close above the 38.2% and head toward the 50% level and ultimately the 80.9% or higher. Please see second chart for reference.
1.4796 Breach level (from fibbing 1.4835 to 1.4758) is also a crucial level that can trigger buying.
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