The day has finished and left a spinning top which followed an inverted hammer Japanese candlestick pattern.   These types of candles usually indicate indecision.   These also usually indicate the bottom of the previous day as the support, and the top as resistance; which if broken could lead to another steep drop or incline in price.   The low of today was 1.4815, and the high was 1.4964.   Let us also note that if there is a close above 1.5000 on the daily, then a retest of previous support (1.5315) could happen.  If there is a daily close below 1.4815 then a fall to 1.4645 could follow.

Still dropping!  Only now we have a close below 1.9000.   This could lead to a swift fall to 1.8800 and as low as 1.8675 before seeing correction.   The resistance could be around 1.9100, seen back in September – October of 2006.   Support looks to be building as we are writing which is around the 1.8960 level.

Was 110.45 the highest of the correction from the large bear move?   We are sitting at the 50% fib retracement level and looking to move a little lower from here if support of 109 is cleared.   But beware, as 108.30-56 is filled with support as it was previous resistance.   Resistance now is at today’s high of 110.35.   If this is broken and cleared we could see a move up to 111.60 and as far as the 61.8% of 113.30.