With new trading data provided since the last update some realignments, addition and removal of channels were necessary to furnish a better chart description of trading development. The immediate resistance is 1.30 and a breakout here will trigger a move above the upper boundaries of both the red and green dotted channels and proceed with the climb within the light blue steep channel.
Use the RSI as an altimeter to monitor this movement. A RSI break below 70% and the dual support lower green channel boundary will precipitate a price dip. The uptrend remains intact as long as the lower boundary of the bold blue channel on the price chart in not broken.
From the study of the volume distribution chart we can see that there was slightly more selling from the Big Boys in the early morning trading session. Late morning and early afternoon trading sessions saw matching buy and sell from the Big Boys. A surge of buying came from the Big Boys during the late afternoon trading session.If this buying interest continues tomorrow there is a high probability that the 1.30 resistance will be taken out. However, if buying dwinble a retest of the lower green dotted immediate support channel boundary is unaviodable. Next support is the lower red dotted channel boundary.
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