Schatz beat 110.17 to hit the next target of 110.20/21. We look overbought short term in the bear trend at this stage but if we continue higher look for 110.25/26. Immediate support is 110.17 but below here is more negative & leads us back to 110.14 then 110.11. If we continue lower look for 110.07/06 before last week’s low at 110.02/01.
Be aware that 109.98 is the yearly low for 2012 & therefore very significant. A break lower cannot be ruled out and targets 109.94 then 109.88. A visit to 109.65/60 in the coming weeks would not be a shock.