Bias: Mixed - waiting for breaks though ultimately I am looking for a low to develop and for stronger gains
Losses developed from a slightly lower level than expected but did reach the 1.1435-45 target. I don't really see any reversal signals currently and thus I am probably more in favor of another marginal new low today around the 1.1358-84 area. Thus look for a buying opportunity in the 1.1358-84 area. Only an earlier break above 1.1512 would risk a more direct bullish move up through 1.1546 and 1.1600 and back to the 1.1637-54 highs. I suspect this area should cap on first test. Note next resistances at 1.1693-14 and 1.1754. If the rally begins from 1.1358-84 then look for 1.1823-32.
29th June: Gains have slowly been developing but I still see this reaching 1.1813-32 and while this should cause a correction the ultimate target will be higher to at least 1.1926.
The decline to 1.1435-45 has been seen and caused a reaction higher but hasn't been particularly strong as yet. While the 1.1512-20 resistance caps I do see some risk of additional losses and if seen would extend through 1.1435 and down into the 1.1358-84 support area. I feel this should be the limit of any losses. Thus for any stronger bearish stance look for a break of 1.1350 and only then would I consider the 1.1297 support to be tested at a minimum and possibly 1.1221...
2nd July: We're going to need a break now below 1.1358-88 to provide any potential for a retest of the 1.1232 corrective low€¦
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