After making a new 6 month low this week price retreated to find resistance around 1.4750 and touching the 61.8% retracement at 1.4775.   Based on trading through the rule of Fibonacci the bearish price target is around 1.4450 if 1.4648 is broken.   If the bulls decide to return then 1.4750 would have to be cleared to warrant another rise to the 1.49 region.

It looks as though we have reached the top of a confirmed channel and now this recent consolidation offers a nice bear opportunity if confirmed so.   There has been support found at the trendline drawn and resistance is quite obvious at the 1.100 level.   Yesterday’s bull move above there was reacted by a bear drop back below 1.10.   This sharp reaction signifies bearish potential above 1.10 and could lead to a bear drop as the dollar is overbought when looking at the dollar index.   A breakout strategy from here would be most optimal.  

Still ranging!   Support…..108 Resistance…..110.5.   Bear target….105.65 Bull target…..113.35.   Good luck, take caution, and be patient.