However, the underlying tone is intact, as momentum studies and the positive Tension Indicator, (not shown), continue to strengthen, with clearance of here and the USD2.7220 year high of November 2016 looked for.
This will confirm continuation of the January 2016 rally and open up congestion around USD2.8000. Beyond here is the USD2.8555, (61.8%) .
Support is raised to the USD2. 4800 low of January, and extends to the USD2.4480 low of December. This area should underpin any immediate tests as investors maintain a buy-into-weakness strategy.
An unexpected break, however, will delay higher levels, and open up the USD2.3145 high of March, where fresh consolidation should then develop.
I also see commodities benefiting from cross asset rotation as money moves out of overstretched equities.