Last week’s drop off signals a short term turn back to the prevailing bear trend of previous months and should continue to foster an attack under the 1.1664 swing low. A close under 1.1664 projects a larger bear wave to 1.1590. Trade needs a close over 1.1777 to renew a bottoming formation.

R2          1.1755
R1          1.1735

S1          1.1685
S2          1.1664