FxWirePro: Copper fails to break above 110-EMA, dip till 200W SMA likely

COPPER chart on Trading View used for analysis 

• Copper is extending weakness after failure to break above 110-EMA.
   
• Technical indicators on daily charts have turned bearish with 5-DMA now sloping downward.
   
• Stochs and RSI on the daily charts are also biased lower and MACD is on verge of bearish crossover on signal line.
   
• Price has slipped below major EMAs and we see scope for dip till 2.60 (nearly converged 200W SMA and trendline).
   
• The pair has seen multiple rejections at 20W SMA and we see bullish resumption only on breakout above.

Support levels - 2.707 (Sept 20 low), 2.606 (200W SMA)

Resistance levels - 2.783 (5-DMA), 2.827 (20W SMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 71.9337 (Neutral) at 1330 GMT.

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.