This pair has now stalled twice at the big 50% retracement level around 72 and there is the possibility of a double bottom forming on the daily chart. In order to do this it will need to break and hold above 75.50, which might prove difficult in the current bearish environment. Nevertheless, the seeds of doubt have been sown and buying dips in the very short term might prove a fruitful strategy. Support levels on the hourly chart start at 73.60 (50% and TL), 73.25 (61.8%), and 73.00 (hourly lows). Initial resistance is at this mornings 75.05 high with 75.50 behind there.
