Slobodan Drvenica
Windsor Brokers
Three-day advance from 1.0587 is taking a breather under 1.0770 barrier (upper Bollinger band) where rally faced first significant barrier.
Correction lower is expected on overbought conditions, with strong supports at 1.0705/00 (double Fibo 38.2% / rising 5SMA), expected to ideally contain and guard next pivot at 1.0670 (rising daily Tenkan-sen).
Scenario of final push towards target at 1.0825 (top of thickening daily cloud / falling 100 SMA) looks likely and is supported by bullish daily studies, with sustained break here expected to trigger further advance and expose 1.0931 (Fibo 61.8% of 1.1298/1.0339 downmove).
Conversely, extended dips below 1.0670 would risk extension to daily cloud base (currently at 1.0611), loss of which will generate stronger bearish signal.
Res: 1.0770; 1.0825; 1.0872; 1.0931
Sup: 1.0727; 1.0700; 1.0670; 1.0611
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The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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