EJ closed the session 100+ pips lower, after failing to take out 161.48, the R2 of my pivot calculation yesterday. Looking weak and wounded, this pair might want to test 159.66 immediate support. Things could get real ugly down there...
Pivot = 160.58
Resistances = 161.15, 162.07, 162.64
Supports = 159.66, 159.09, 158.17
Fundamental notes : Fed would cut rates by 50 points instead of 25 points. Stocks traded lower yesterday, and the Dow Jones November low has been taken out.
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