Bias: While 1.1319-22 caps the risk does still seem lower
I was rather surprised with the direct losses and the only way I think I can fit this in is within a still bearish structure. However, this will require the 1.1319-22 resistance to cap. A break below the 1.1275-95 pivot support areas should extend losses through yesterday's 1.1250 low and then closer to 1.1209 and the favored target at 1.1180.
Thus, only a break above 1.1322 and then preferably the 1.1334-38 corrective peaks is going to alter the outlook for a deeper correction. Even then I'm not too sure we'll get much above 1.1365 and the stronger resistance at 1.1392-05. Also note potential resistance at 1.1425-46.
Medium Term Outlook:
17th June: This has been more directly bearish than I had anticipated and has potential to 1.1180 soon. Overall there are retracement targets at 1.1068 and then the favored 1.0930 level. However, expect a pullback from 1.1180 first....
Only back above 1.1405-45 would cause a lot more problems and suggest potential extension to the 1.2672 corrective high at least.
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