Bias: It seems we still need to wait for losses of 1.2705 to generate losses - until then take care
Loss of 1.2784 provided the dip into the 1.2710-35 area which provoked quite a solid bounce which eventually reached the 1.2905 level. I suspect we're going to see a deeper correction from this peak but while it remains above 1.2790-10 it may still be possible to talk about a deeper correction higher. However, if this is the case then the risk will be for quite a solid move. Above 1.2905 - take care at 1.2949 - breach extends to 1.3000 - care - a further breach would maintain the upside for 1.3060-96. Should be enough for today...
12th February: In the larger picture a break above 1.3034 would risk a return to the 1.3073-92 highs and if taken out then we can expect either a cap around 1.3120 or a stronger move through to no more than 1.3180-00...
The bounce from the 1.2710-35 support target has taken price up to peak at 1.2905 which is midway into the prior congestion area. While this 1.2905-49 area caps the downside (which is the underlying preference) remains the more dominant influence. We shall need a break below 1.2810 and 1.2790 to be sure of retesting the 1.2705 low. If this breaks then the decline could be quite relentless although first support is at 1.2649 and I feel a more realistic target at 1.2564...
11th February: The structure definitely looks more bearish overall though we're going to need to 1.3034 area to cap and for losses below 1.2682-05.
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