Bias: While 1.4180-90 caps I look for losses to reach 1.4057-85 at least and I suspect 1.4019
Gains seen as expected that reached the 1.4233 target and just above at 1.4245. However, I feel there is a moderately good chance that we've seen a high here. It is a little early to tell but only look for a new high should the 1.4057-85 area support and generates a break back above 1.4190. If this is seen (and even a direct break above 1.4190) then look for follow-through above 1.4245 to 1.4280-00 at least. Take care here also. We'll need a move above here to begin suggesting the higher target at 1.4700-17 is attainable.
2nd June: Yesterday's peak at 1.4245 may well have sorted out the high here so take care. We shall need the 1.4020-57 area to support to generate extension above 1.4280-00 to suggest 1.4700-17 is still possible.
I am encouraged by both the stalling area and the structure of the move to 1.4245 to take serious notice of the possibility that we may have seen the actual high already€¦ Still, there is a little way to go to confirm this so I'll take this step by step. I do feel that today is more likely to be bearish. While 1.4130-40 caps I'll look for losses down to 1.4085 minimum and I suspect to 1.4020-57. Expect a correction from this support area. However, while this remains below 1.4100-10 the next leg lower could well test the 1.3910-30 area. Next support is then seen at 1.3792.
1st June: While the current move is higher there is a big daily bearish divergence and plenty of resistance points to look at - starting from 1.4233 & 1.4280 and then much higher at 1.4700-17. Below 1.3792 would confirm the divergence and cause stronger losses.
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