Current level at 10:06 CET is 107.51, trading below the daily pivot point of 107.79 which also forms the hourly Ichimoku cloud base. Although daily Bollinger and standard error bands are poised slightly to the upside, the extent of the recent recovery has been limited. Only a successful challenge of the Fibonacci 23.6 percent retracement at 109.50, measured over the 104.97- 124.15 range would raise hopes of a sustained recovery. Numerous technical factors however, suggest that the downside has not yet run its course. The longer term moving averages remain poised to the downside and we are still trading below the daily Ichimoku cloud base, currently at 109.17. Pivot point related resistance levels for today are set at 108.35 and then 108.85. Support levels are set at 107.29 and then 106.72.
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