Bias: This isn't quite so clear … Resistance is at 1.6601-10 and 1.6655 while breach of 1.6514 will extend losses
Price remained in a sideways consolidation having already preceded the Dollar gains seen against the EUR & CHF. I am less sure on this one with immediate resistance at 1.6601-10 but then again further at 1.6631-55. I feel we should take care at both areas to see which will hold. Only a break above the 1.6655 resistance would provide any argument for gains through 1.6677, 1.6710 and back towards the 1.6747-96 resistance areas.
13th November: Having seen the declines in the other European currencies I feel we must wait until the 1.6251 area again to see whether there is any chance we have seen a complex correction that would send price higher again. Only direct above 1.6747-95 would risk this more directly.
I feel we need focus attention on two areas today - the 1.6601-10 area and then the 1.6631-55 resistance. If I have to choose one above the other then it's the 1.6631-55 area. Thus look for bearish set ups at both but I do feel we shall see continued losses back towards the 1.6514 low and while this could still generate a bounce this should be limited and more likely we'll see follow-through to 1.6462 at least and probably towards 1.6369. I suspect this would be enough on the day. However, do also note the 1.6251-60 lows.
13th November: I am now more strongly in favor of a decline back to the 1.6251-86 area at least. Only a clear break below would imply more sustainable and direct losses.
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