Bias: While 1.0200-05 caps I feel we can see direct losses to 1.0148 - take care - and probably 1.0070-92
Price fell just short of the 1.0293 ideal target and losses developed all the way to the 1.0167 support. If we are going to see any stronger reversal higher then we'll need a break of 1.0205 which will then test the 1.0240-61 pivot area. Breach extends gains above 1.0286 and to 1.0352-58. Any earlier decline as I expect should happen will allow the downside to extend towards 1.0148 - take care as this may well provide a reaction - and then down to the pivot supports at 1.0120 and 1.0072-90 en route 1.0032 again. Look in this 1.0032-72 area for bullish reversal patterns to develop.
30th October: I don't foresee any direct move higher now. However, do take care around the 1.0032-72 area which could actually cause a recycling of the correction back to the 1.0292-1.0318 area - max 1.0352. Otherwise wait for the 0.9870-0.9932 area for the final low.
We have just about reached the target at 1.0292-12 and while there can still be a test of this area I feel it will cap for a reversal lower. The key level to break is the 1.0240-45 pivot area. Once this has broken I'd expect follow-through to between 1.0192-16 and take care as this should cause a pullback. This might wrap up the day. However, a breach of 1.0190 will maintain the bearish momentum for the 1.0015-20 and 1.0082 pivot supports where a reaction should be expected. Finally there is the 1.0032 low.
30th October: Price reached the minimum target for the correction and appears to be on its way lower. However, watch the 1.0032-72 area for a possible reversal and take care. Only below extends to 0.9932 minimum and potentially 0.9870.
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