Current level at 09:58 CET is 1.5749, trading below the daily pivot point level of 1.5760, having seen a high in late US trade of 1.5859, a hairsbreadth from the all-time high of 1.5903. Falling 14 day ADX from a relatively high value suggests that a period of consolidation is ahead of us. Daily Bollinger bands are now flattening off and the 14 day RSI at 71 percent is in overbought territory. Even if the 1.5903 level is broken, the resulting upside reaction will probably be short-lived. Looking to the downside, a break of 1.5340 would give us a double top formation and open up the downside to possibly target 1.4966. Pivot point related resistance levels for today are set at 1.5934 and then 1.6034. Support levels are to be encountered at 1.5660 and then 1.5485.
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