And as is customary now, craps out 50 pips.
We’ve done the 38.2 fib of the year hi/lo at 97.58 and have pulled up bang on resistance at 98.29. The move took us above the 100 mma at 98.04 but we’re back below.
I still feel like this is just the market sorting itself out rather than making a meaningful trend so expect it to be quite volatile, probably until the weekend.
All eyes are going to be on the data later in the US session and the taper bugs will will no doubt be at the front of the stage.
Levels to look out for today.
Resistance
- 99.93 61.8 fib year hi/lo
- 99.56/59 res, 200 H4ma
- 99.13 55 dma
- 98.75 50 fib year hi/lo
- 98.29 res
- 98.04 100 mma
Current price 97.95
Support
- 97.80 100 H4m
- 96.76 100 dma
- 96.31 Feb/Apr trend line
- 96.03 55 H4ma
- 95.16 sup