Bias: I feel a test of 0.8010-23 is possible but expect losses from there - or directly below 0.7921
It was a whippy day and therefore it suggests care needs to be taken. While 0.7921 remains intact there is still risk of seeing gains extend a little further to the 0.8010-23 area. If seen I feel this will cap for losses. Thus, any stronger bullish stance will require a break above 0.8023 and if seen would extend gains further towards 0.8048 which could see a temporary pullback and then towards 0.8067-90. Again, this should be the most we see. However, note further resistance at 0.8150-60.
18th June: I still don't think we're going to see much, if any gains beyond 0.8023 and at the most 0.8067-90. Only above here would concern and suggest a potentially deep correction to 0.8150-60 at least and possibly the 0.8236 corrective high.
Overall I feel today will be bearish but we have to be mindful of the risk of an earlier retest higher. If the 0.8010-23 area is seen look for bearish reversal patterns - and at most 0.8067-90. From there, or an earlier break below 0.7921 we can push down to 0.7870-91. Take care here - while we are in a sideways consolidation this could hold. Thus any stronger bearish stance (and the risk is raised if price does reach 0.8010-23) a break below 0.7849-70 would signal stronger losses to the 0.7826 low and possibly even the 0.7782 area. Loss implies the MT downtrend is possibly resuming.
16th June: Losses are developing quite nicely and close to expectations and while 0.8050 caps these can still continue through this morning's low at 0.7861 and onto 0.7700-42 and below.
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