Bias: While I can't rule out early range trading I feel that the next target is around 1.4265-72
No break of 1.4055 and a recovery still retains the 1.4265 target. Early trading may well range between 1.4100-37 but I shall expect a break through the high of the range to extend gains above the 1.4165 high and to 1.4208 en route the favored target at 1.4265-72. However, I feel this will hold for a firm correction lower. Thus only a break above 1.4272-75 would extend the bullish momentum towards the 1.4338 high. However, I don't see this bring broken at this point. However, note next resistance at 1.4412.
16th July: Having analyzed this again I feel the risk is to 1.4265 followed by a correction and then a rally to around the 1.4338 high again. This area should cap once again for losses. Only a more aggressive approach to 1.4338 would suggest the larger uptrend will resume.
The downside was a little strange on Friday but with the 1.4055 low remaining intact we need to still remain cautious about the downside. I still prefer to look for a move to around 1.4265-72 for a good selling level. Right now I could only get more bearish if the 1.4090 low seen this morning is broken. If seen it should cause a retest at 1.4038-62 at least. Again, take a little care there. Only breach would extend losses to the 1.4000 pivot area which looks quite firm and should hold on first test. Next supports are at 1.3960-70 and 1.3943.
16th July: I feel we shall have to be patient and wait for the 1.4338 high once again to get a chance at a possible MT high that should then trigger a move back down to the 1.3747 low over the next month or so.
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