Bias: Mixed - waiting for breaks
This morning's blip up to 1.4840, while not exactly against my thoughts, does seem to have problems in fitting into a structure - the closest I can get is in a complex correction that would see 1.4732-45 (probably the higher) support for a further attempt higher. The barrier in my mind is that the 1.4841 level is implied from a daily target and there are bearish divergences now present in hourly & 4-hour charts. I also see resistance at 1.4860-70 (as updated yesterday.) If there is to be a bullish move then the 1.4732-45 area must support and trigger a move back to 1.4841-70. Take care here again. Only above would extend gains to the 1.4930-60 pivot resistance and then not until 1.5022 (weak) and 1.5135.
23rd September: As updated yesterday I can see a couple of short term projections at 1.4860 and only a break above here would maintain the bullish momentum for 1.5135 & 1.5186.
We have seen a move to 1.4841 this morning. This has ambiguous arguments… It is exactly where a complex correction would stall price for a correction back to 1.4732-68 before pressing higher again. Alternatively it is the daily target I have been mentioning above which is the 1.4860 resistance I also provided later. Therefore, I can't rule out that this spike higher actually basically satisfied this target and thus we'll get a stronger pullback. The area that will highlight this is the 1.4732-45 support. If this breaks then look for a pullback lower. If seen look for 1.4654-70 minimum and potentially 1.4516-38..
23rd September: Any loss of 1.4732-45 now would signal losses to 1.4654-70 at least and at most 1.4513-38...
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