Monthly: We had an impulsive rally from the 2011 low (0.9407) to the 2016 high (of 1.4690). The correction lower found buyers close to the 50% pullback level of 1.2049. Mixed trading for the last 32 months looks to have formed a corrective channel. Trend line resistance is located at 1.3875. Trend line support at 1.1746
Weekly: Broken out of the wedge formation to the downside. Reverse trend line resistance is located at 1.3305. This formation has a measured move target of 1.2250. The weekly chart posts a Demark 12 count. A 13 count normally highlights exhaustion. Bespoke support is located at 1.3175 and 1.2480. The latter, is close to the 161.8% extension level of 1.2410 (from 1.3386-1.2782)
Daily: The daily chart highlights a 261.8% extension level at 1.3335. This also has scope to be a 5th wave extension (Elliott wave). Selling into rallies offers a solid risk/reward set up
