1408.50 may be an important level

Not much change yesterday when bulls closed the day almost the same as they began the day after trying the first target area 1415.75 +/-0.50 and respected it.

There might be a possibility that prices will be high volatile today when they are traded in the sandwich defined by 1404.00-1405.44 as support and  1415.75 +/-0.50  as resistance area.

A level that may be important is 1408.50. It is the scope for today of the major down-trend line connecting highs of 10/11/2007 and 4/2/2012. I suspect that a close today above the 1408.50 is good for bulls at least for the next day. A close below 1408.50 would favor bears.

EUR/USD outbreaks today from the falling wedge to test the recent high may be a good sign for stocks and gold.

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