The pair has declined sharply this week along with with equities
and is approaching important key support around 139,50 which
is a confluence of kumocloud and lower Pitchfork channel
going back to beginning of 2012. It seems unlikely that such
a strong support level will give in at a first test, but if it is breached
on a closing basis we likely will see a test of the 135 level.
The 139,50 level is my mark in the sand to gauge risk aversion or correction.
and is approaching important key support around 139,50 which
is a confluence of kumocloud and lower Pitchfork channel
going back to beginning of 2012. It seems unlikely that such
a strong support level will give in at a first test, but if it is breached
on a closing basis we likely will see a test of the 135 level.
The 139,50 level is my mark in the sand to gauge risk aversion or correction.