FxWirePro: Copper holds 21-EMA support, eyes 61.8% Fib at 3.019

Copper chart - Trading View 

• COMEX copper is up more than a percent for the day. It is currently trading at $2.940 per pound.
   
• Price action has failed to extend weakness below 21-EMA which has offered strong support (currently at 2.899).
   
• Technical studies on the daily and weekly charts support gains. Decisive break above weekly cloud will see further upside.
   
• Break below 21-EMA support can see dip till 55-EMA at 2.8236. Bullish invalidation only below 200-DMA.
   
• On the upside, we see scope for test of 61.8% Fib at 3.019. Further momentum will take the pair to 3.132 (76.4% Fib). 

Support levels - 2.9148 (5-DMA), 2.8993 (21-EMA), 2.874 (Mar 8 low)

Resistance levels - 2.979 (Feb 25 high), 3.019 (61.8% Fib), 3.132 (76.4% Fib)

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