We got our fracture of support last night (1.4455) and have pushed lower to 161.8% of the first wave (1.4407). Here we look to the RSI where we are slightly oversold.Just because we have an oversold reading does not mean that we are preparing to go higher. All other indicators are strongly bearish with the MACD opening up (wider lines showing growing trend) and showing no signs of divergence.
A break of 1.4406 should take us down to the trend line support at 1.4300 before we correct higher. A move back up through 1.4464 would negate that view.
Support levels: 1.4406 1.4393 1.4337 1.4300
Resistance levels: 1.4447 1.4472 1.4517
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