Price: 0.8029

Bias: I feel there is probably early upside risk first but while 0.8080-0.8132 caps the next move should be lower

Daily Bullish:

We did see new lows yesterday and while it doesn't really confirm the uptrend has ended it certainly strengthens the case. I find the recovery from the 0.7875 low to be rather messy and puts me in two minds. I suspect we should see 0.8080 again at a minimum. However, only breach there would extend gains to 0.8132 (max 0.8164.) Thus any stronger bullish stance will require breach of 0.8164 and if seen would extend the upward momentum for 0.8185 & 0.8225 and possibly the 0.8263 high.

MT Bullish:

4th June: In the end price stalled just below the 0.8297-13 resistance and the reversal doesn't encourage a bullish stance. Only if we see a swift move back above 0.8060 and then 0.8153-85 would there be any chance we could retest the 0.8263 high and possibly above...

Daily Bearish:

Losses were direct yesterday but stalled just above the 0.7856 support. This was either and extension in the same wave lower - and thus we should see a correction of the entire move lower from 0.8263 or it was part of a complex irregular correction that would see a return to the corrective high around 0.8089 and possibly a little above - maximum 0.8132. Thus we need to look carefully for bearish reversal patterns around these two areas. Once price breaks lower and penetrates yesterday's 0.7875 low we should expect a stronger decline towards 0.7760 at least and I suspect into the 0.7600-42 support area where a larger correction can be expected.

MT Bearish:

5th June: This is progressing well and I feel that while the broad 0.8089-0.8134 resistance caps the next decline should reach the 0.7700.42 area but from there look for a correction to the entire decline from 0.8263.

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