Bias: While 1.2335 supports the next move should be higher to above 1.2518
Gains were seen yesterday that extended beyond the 1.2424-49 resistance to 1.2491. This does seem to have triggered a stronger rally but the first move today should be a pullback. While this remains above 1.2335 we should then see gains push above 1.2455 back to the 1.2491 high and beyond for 1.2538-47 at least. Take care here as this old high could cause a small correction. Above 1.2547 extends directly to the 1.2645-76 area at least.
11th February: Yesterday's strength does seem to suggest we are going to see further gains and while above 1.2334 these should reach 1.2645-76 at least and potentially above the 1.2764 high.
The strength seen yesterday may well limit the downside today. I do feel that we should see losses down to 1.2335-71 at least but suspect this area will support for another push higher. Thus any stronger bearish stance will require breach of 1.2335 and only if seen would this extend losses below 1.2308 and to 1.2211-46 at least en route the 1.2124 low.
11th February: Yesterday's gains mean we can raise the break level to 1.2300 and only back below here would revisit 1.2124 and 1.2023...
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