Bias: I suspect the 80.49-81.30 range will persist
Losses edged below 80.28 but by only 8 pips and I feel we are still trapped within a sideways trading range. This should see the 80.49-59 support hold and generate a move higher into the 81.20-30 resistance. I look for a cap here before a move back to probably around the 80.49-59 area again. This should act as a launch pad for stronger gains that on a break of 81.30 would trigger follow-through above 81.55 and onto 81.94-08 at least. Take care here as this could generate a pullback. Next resistance is at 82.43 and 82.98.
16th December: It looks like we'll see a 80.28-81.35 range in the near term and then as long as the 81.35-55 resistance breaks we should see further gains above 81.94.
Only below the 80.49-59 support would undermine the bullish outlook and imply losses through the 80.20 low and onto 79.64 at least. This support could cause a correction. Breach would extend the bearish momentum for the 79.21 low… Then note further support at 78.51.
14th December: Only below 79.21 and 78.69 would trigger a stronger push lower now.
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