Price: 1.3977

Bias: We should continue to see losses close to the 1.3805 low

Daily Bullish:

Losses came right on cue and I really don't see much room for gains expect in a correction. There is resistance at the 1.4040 peak and I doubt it will get there - or if it does then not by much€¦ Thus wait for confirmation of any bullish move - the first being at the 1.4040 area but ensure that there is a bullish continuation pattern. If seen then watch resistance at 1.4085-95 and 1.4115. If all these break then may be we'll have to accept a stronger retest of the 1.4177 high. Also note resistance at 1.4212.

MT Bullish:

9th June: Above 1.4036 would confirm deeper gains to 1.4072 minimum and I suspect higher to 1.4134-60 and potentially 1.4212 but I doubt any higher than the 1.4267 corrective high.

Daily Bearish:

Loss of 1.4050-88 provided the desired impact with losses down into the 1.3918-42 support area. I feel the correction from there is complete and thus the greater risk is directly lower. I doubt we'll get back to 1.4040 with the risk more bearish for loss of this morning's 1.3961 low to extend losses to 1.3935. This may well cause a modest pullback but not above 1.3980. This still needs to move directly lower to 1.3860-69 - another modest pullback before a final move to around the 1.3805 low. It can be 10-20 pips either side but we should then see a stronger pullback.

MT Bearish:

10th June: We should now see price stall & reverse (probably) in the 1.4134-1.4212 area although I can't strictly rule out a move close to the 1.4267 high. A break below 1.3965 & 1.3918 would bring us back closer to the next leg lower that should reach 1.3805, correct and then beyond.

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