Bias: While 1.6223-41 caps I look for losses to extend to 1.6039-50 and later 1.5982
The 1.6379 high provided the final high and therefore the risk is lower. Only a break back above 1.6341-67 would cause a pullback or perhaps deeper reversal. If seen there is minor resistance around 1.6293-04 and 1.6327 ahead of 1.6327 and the 1.6379 high. If we see this then the 1.6428-52 resistance needs to cap else the MT picture will turn more bullish. Next resistance is at 1.6489 and then 1.6544.
10th July: Only if the 1.6552-89 resistance breaks followed by the 1.6544 corrective high would price then receive a lift back to 1.6662 and 1.6743 en route new highs.
While the downside wasn't as strong as I would have liked to have seen the progress is encouraging and while the 1.6223-41 resistance area caps I feel we shall see additional losses through Friday's 1.6155 low and onto 1.6081 at least and I tend to favor 1.6039-50. This should produce a correction only but could reach as high as 1.6280-00. Overall I look for a move to retest the 1.5801 swing low by tomorrow or Wednesday.
10th July: While 1.6452-89 and max 1.6544 caps we can see further losses. Below 1.6192 will assist and this should provide a retest of the 1.5982 low. Below that the next area to come into focus is the major swing low at 1.5801€¦
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