Bias: I suspect the range trading should continue a while longer before losses develop
I continue to remain basically bearish but for the moment still see range trading potentially in the 108.60-109.80-00 range. Once complete we should see losses below 108.06-32 that should extend through 107.53, 107.20 and 106.25-54 to reach the ideal target around 104.40-60. Cautiously I feel that will be the end and should provoke a larger reversal higher.
Only an earlier break above 110.03-30 would confuse matters and extend gains to 110.71-88 initially and potentially back up to 111.94-112.10.
Medium Term Outlook:
8th June: The correction we are seeing began at a higher support than expected. It raises some alternatives but overall while 110.71 caps I still loook for losses overall towards 106.25-54, 105.66, 105.11 and ideally the 104.40-60 area.
Only back above 110.70-00 would raise the chance of a second recovery back to the 114.13 high...
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