Bias: Mixed - waiting for breaks but overall I feel we shall see range trading today
This has become really quite tight and the near term may well be confined to a 1.6328-1.6421 range. If we are to see any stronger rally then we'll need a break above 1.6453. If seen then I suspect we'll make our way up to 1.6494 and 1.6519 at least. Beyond here is a little uncertain. The next resistance I can see is at 1.6563. To allow for any stronger move then we have the 1.6603 high followed by 1.6630-74.
2nd November: The rally from 1.6251 hasn't been too progressive and while I can't rule out stronger gains I feel the resistance around 1.6674-92 should cap. Only above sees follow through to 1.6738-56 at least.
The range is getting tighter and we'll have to break out at some point. While the 1.6421-53 area caps there is a small risk that we'll see losses push below 1.6354-70 .. If this is seen then chances favor a move to around 1.6309. Take care there. Any stronger bearish stance will require loss of 1.6300-09 which would then push the 1.6251-85 lows. If these break then chances will move towards stronger losses to 1.6162-99 at least. Next support is at 1.6114.
3rd November: The range has tightened and we still need to watch out for the downside with loss of 1.6251-85 triggering follow-through to 1.6162-99 at least and potentially 1.6114. Next support is seen at 1.6085 & 1.6035.
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