Bias: The downside remains at risk - but take care at 154.66
We have already seen the break lower this morning but we have to take care at the 154.66 support. There are two targets for this leg lower - the first at 154.66 and the second between 153.17-51. Thus look for a bullish reversal pattern either at 154.66 or if this breaks at 153.17-51 and trade the break of the pattern. If we see the bounce occur from 154.66 then at most the pullback can get to 156.29-80. Thus any stronger bullish stance will require a break above 156.80 and if seen would extend gains to 157.84.
29th June: Gains have slowly been developing but I still see this reaching 1.1813-32 and while this should cause a correction the ultimate target will be higher to at least 1.1926.
This morning has seen losses to 154.87 and I see support at 154.66. Take care here. For any further decline we shall need a break of this support. If seen then look for extension lower towards 153.17-51. I suspect this support would hold. However, do also note the next support at 152.59. While I remain MT bearish I feel we shouldn't see direct aggressive losses below 153.17-51 probably and certainly not 152.59...
6th July: While 156.80-157.12 caps I will be looking for losses to 154.66 and probably 153.17-51 and while a correction will be due the minimum eventual target is at 151.74 below which are projections at 148.48 and 146.47€¦
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