Bias: I feel there is risk for losses to reach around 1.5014 but from that area expect the uptrend to resume
The 1.5143-66 support area quickly gave way and triggered a pullback all the way to just below 1.5080. I suspect there is still risk of losses to around 1.5014 (max 1.4990) and I consider this area as a good potential buying area. From here look for a move back above 1.5060-80 which should extend the recovery above 1.5100 to the 1.5171 corrective high at least. Take care as this could generate a small correction. However, overall I will be looking for price to move back to the 1.5245 high.
12th May: I remain bullish and feel the 1.4990-14 area is the most we can expect in this correction. From here look for a move back to the 1.5245 high and then towards 1.5356 at least and probably the 1.5466 resistance.
Losses have been deeper than expected and I feel that while 1.5140 caps we shall see these extend just a little further with my favored target at 1.5014. However, do allow for a small overshoot to 1.4990. I expect a reversal higher from here. Thus any stronger bearish stance will require breach of 1.4990 and if seen would then imply follow-through to 1.4942 at least and where a pullback should be seen at least. Next support is then seen at 1.4885 followed by 1.4820.
12th May: Having seen yesterday's moves I still can't get bearish here and we shall need a break below the 1.4990 level to trigger stronger losses. If seen then the 1.4942 corrective low comes into play and then 1.4885 & 1.4820.
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