Thu, Mar 20 2008, 08:41 GMT
by Timothy Straiton
Current level at 09:39 CET is 1.5552, trading below the daily pivot point level of 1.5668 in a corrective phase after two bearish candlestick patterns appeared on the daily charts on the 17th and 18th of this month. Hourly Bollinger and standard error bands are poised to the downside. Pivot point related support levels for today are set at 1.5552 and then 1.5466. Resistance levels are to be encountered at 1.5755 and then 1.5871. The 14 day RSI is now at 63 percent and the overbought status seen over the past 2 weeks is now gradually being unwound. Daily MACD is close to breaking below the zero line which suggests that more downside is ahead of us in the days to come. The ultimate test for the downside would be the 1.4966 level which if broken, would cap the current bullish trend and put focus on the long term rising trendline support at 1.3960. The current price is 8.6 percent above the rising 200 day moving average which is now 1.4306.
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