4hrly and daily charts played out and up we went...We have not as yet reached last weeks highs of 11036 and if we look at the 4hrly charts we can see these are becoming overbought and beginning to turn from higher levels...so we need to take care with longs today...
Apart from these 4 hrly overbought indicators however the market is looking in quite good shape, daily charts still point higher, so unless this changes we would still at this point be a buyers on weakness..we have 2 fib levels coming in at 1.0816 and 1.0813, so if we lose chart support at 1.0860 we should head lower for this support and we would expect the market to hold here and trade higher...
We know resistance is at 1.1030/35..so profits to be taken in and around this area...We would only go back into longs at higher levels if we broke the 1.1049 barrier...Then we could travel higher with trendline resistance at 1.1080....If above here we look for the 76.4 Fib level of 1.1161 to entice us higher...
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