The downtrend (channel) from 102.80 is still intact but a higher low is now in place above 101.07 as last week’s decline halted 2 pips above. Now a higher high above 101.80 could offer the first sign that a change in trend is taking place. S/t, the 101.44, 50% retrace is initial resistance today followed by the downtrend from earlier this month at 101.60. We expect that 101.80 will be a key resistance levels as that represents a pivot high, a symmetry target of the 101.07-101.80 rally and a 1.618 extension target of the 101.09- 101.45 rally. Support this week is 101.20 and then critically at 101.07. Conviction: Med Levels: Support – 101.20, 101.07, 100.82 Resistance – 101.44, 101.60, 101.80
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