Not a whole lot of action today, up and down. We had a small pop down to 1.5520 followed by a 70+ pip rally back to the congestion at the 1.5580 zone.   Looks like a similar pattern that finished off last week.   Tomorrow we have Advanced GDP q/q from the U.S. which has a strong forecast of 2.2% growth, up 1.2% from the previous.   This should move markets if there is a fluctuation, but the big dog of monthly financial indicators is tomorrow; NFP!   Let’s define our risks for the bulls and the bears.   The bulls are at a level that has to be maintained to move forward.1.5520, and the FED extended its emergency lending program to January???   If 1.5500 is broken then next major support is at the bottom of the double bottom, which is the 1.5350 zone.   I’m sure the bulls are quite aware of their risk right now.   For the bears the risk looks to be around 1.5670 if 1.5620 is cleared.   If there were to be a push above 1.5670 then further topside growth could be 1.5757 only to be met with resistance and possible further consolidation.   Let us also note that at the current level is sitting at 61.8 fibo and the bottom of a 1 year trendline.

Bouncing around today, everyone have fun?   1.9760 proved to hold and establish itself as support and 1.9830 looks like a good short term resistance.   I’ll keep this short and sweet today.   Bulls could be looking to move to the topside of 1.9900 where the bears might look to resume their control.   Again, 1.9760 looks like support; and if broken could warrant a swift move to 1.9680 and possibly 1.9600.

108.30 And holding!!! Maybe!!!   This area is very strong historical resistance and price is inching closer and closer to breaking.   The where is the next question?     A medium term view from the Fibonacci fans is around the 113.25 level.   All the dollar bears could be looking to see 110 as a target for more selling though.   We’ll see.   If this bull move from here fails, then what?   106.60? 105.50?   Those levels look like good targets for the bears.