We have a confluence of support at this level; we have a 61.8% (0.5793) fib retracement drawn from the 2000 low at 0.3909 to the highs at 0.8841. We also have a 76.4 4% (0.5822) fib retracement drawn from the post financial crisis in March of 2009 at 0.4890 to the highs at 0.8841. And if we look at the last move up ( 0.7686 to 0.8841) before developing its current downtrend we can easily see we have already broken the 1.272% and the 1.618% levels and are currently eyeing the 2.618% level at 0.5798.
We are also approaching a 15 year rising at about these same levels. Lastly we have confirmed a (0.8841) following a break of its neckline at 0.7370 bringing a measure move to 0.5899.
Sell into rallies!