Buyers will look to cover all longs to here. They will want to re-instate longs only on a break of 123.10 missing the 123.05 break point. If sellers however do their job and contain the market between 122.95 and 123.05 then buyers will back off as this would then trigger a move lower for 122.52/49 once more.

Here you are looking to cover all shorts. Buyers may well appear at these lows an they will hold unless below 122.43. If this support is lost then 122.3025 once more looks to entice.

Now as stated resistance is at 123.03/05. If we bust the 123.10 region buyers will take this higher through to 123.16 initially. Only above 123.16 will there be enough momentum to carry this higher. You are then looking at 123.25 as your immediate targeted area.

DAILY PIVOT

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Source: Technical Analysis Reports