Current level at 11:25 CET is 99.36, trading below the daily pivot point of 100.21 in an overall bearish environment. Daily Bollinger bands are now contracting and suggest that a period of consolidation lies ahead. The 14 day ADX is also falling and confirms the lack of directional movement at present. Daily standard error bands have started to rise while daily Bollinger bands are still falling. Pivot point related support levels for today are at 99.37 and then 98.80. Resistance levels are at 100.79 and then 101.62. We are still trading at almost 12 percent below the 200 day moving average and thus a correction to the upside must be reckoned with soon.
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