Beginning of June the 3 year long upwards trendline support was penetrated, then failed the re-test. It's officially resistance line now and is being tested once again. Before that we had very authoritative reversal which bounced off the long-term downard sloping resistance. This time the re-test looks much weaker. Notice the 1000 day MA acted as support during the re-test. RSI does not look very enthusiastic. Unlike the tight channel retest in June this time we see a spike that may lose it's momentum easier. Notice it's high is cents below the re-test highs.
We'll probably see period of ranging between the 1000 day MA and the 1.83-1.85 level.
We'll probably see period of ranging between the 1000 day MA and the 1.83-1.85 level.