Bias: While 1.4345 caps I feel the downside could recycle down to 1.4226 before higher
Well losses did reah the top end of the 1.4237-57 support range but the recovery was stronger than I had expected. I cannot rule out additional strength but it's not my preference. To see this develop more directly we'll need the 1.4314 low to remain intact and for a sideways consolidation to develop between 1.4314 and 1.4386 before breaking higher through 1.4403 and to the 1.4445-59 area at least. Take care here as this could cause further consolidation. Above sees further resistance at 1.4475-93 and 1.4527 at least. Next larger resistance is seen at 1.4652.
28th August: The bullish structure is back on track and while there are still risks of a return to 1.4227-57 and even 1.4200-08, we should see stronger gains being seen above 1.4486 by next week… I retain the target at 1.4844 to be reached within 2-4 weeks...
The stronger pullback higher places a different emphasis on the wave structure and my preference is that we should eventually see a break below 1.4314 that should trigger another round of losses through the 1.4280 pivot and then the 1.4257 low but then I suspect that the 1.4226 level will hold for a reversal higher. Only below 1.4225 sees 1.4202-08 again. Also note support at 1.4166-84.
28th August: My bearish scenario was destroyed yesterday and now only back below 1.4200 would cause any damage to the bullish structure.
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