Price: 1.0932

Bias: While 1.0977-83 caps I feel we should see a pullback to 1.0840-50 (max 1.0820) before higher again

Daily Bullish:

Gains were persistent and in line with expectations to reach the 1.0953-85 area. I still see this - and more precisely the 1.0977 level) as providing a cap in the first part of the day. More likely we shall get a better buying opportunity around the 1.0840-50 area (max 1.0820) from where a push back above 1.0977-85 should be seen. Only a more direct break through 1.0977-85 would imply immediate gains through 1.1020 and up to the 1.1095 area. Take care there as this is the next larger resistance which can cause a slightly stronger correction.

MT Bullish:

16th June: Yesterday's very direct rally certainly gives a more bullish structure to price and while 1.0820-50 supports I still look for follow-through to 1.1095 initially and after a correction even further - possibly the 1.1265 area - though will update once we have finished the correction.

Daily Bearish:

Well, the strength seen yesterday does seem to limit the downside to corrections only and I'm not sure these will be that deep. I do feel the 1.0977 area should cap early on today and generate a pullback that could well be quite choppy back below 1.0905 and to the 1.0840-50 area (allow for 1.0820.) However, while the structure remains bullish I feel this will be the most we see. Thus for any stronger bearish stance wait for a break of 1.0820 and only if seen would it generate a push down to 1.0780-00 at least. Next support is at the 1.0746 corrective low.

MT Bearish:

16th June: With yesterday's rally I feel we should place any bearish stance on hold. Only back below 1.0700-15 would undermine this rally now.

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