Bias: Ideally the 111.95-09 area should support for further gains
As elsewhere, no new low and direct gains… I see temporary resistance at 113.14-22 but once this breaks I feel we'll see follow-through above 113.50-60 and to the 114.38 high at least but most likely to the 114.74-115.17 resistance area. I'd expect a correction from here. Note further resistance at 115.54 and then not until 116.70.
Only below 111.90 would concern for extension through 111.50 & 111.05 to the 110.40 corrective low. Below there is support at 110.12 and then the 109.20-55 area.
Medium Term Outlook:
28th May: Gains did develop as expected - apart from the fact we didn't see a minor new low - and I see this progressing further but only in a correction. I feel we shall either top at at 115.54 or possibly 116.70 but judge momentum when these areas are reached.
Overall I still see this as a correction higher and once complete feel we are due a decline to 104.56 min, then 103.20 and probably a maximum of 101.41….
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