Bias: Below yesterday's 1.0265 should extend losses to 1.0160-98 at least
Yesterday's pullback was very weak and I still feel the downside is going to extend further with the 1.0160-98 area being where we should be looking for a short term bounce for a correction. Only an earlier break back above 1.0324 would resurrect any chance of seeing a deeper correction higher back to yesterday's 1.0374 high and maximum 1.0408-33. Also note resistance at 1.0462-80.
Price has begun the day looking weak and a break below yesterday's 1.0265 low would trigger follow-through below 1.0231 to 1.0198 and possibly 1.0160. However, take care in this support area as I feel it could cause a correction higher. Only breach would maintain the bearish momentum for 1.0086-99. Also note support at 0.9981.
13th October: Losses have been solid and while 1.0434-54 caps I can still see potential for 1.0160-98… However, I would look for this to generate a pullback higher…
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