Bias: We need a swift move above 98.43 to maintain gains for 99.12 and 99.64 else expect a dip to 96.66-80
We saw the decline down to 97.08 and from there a solid bounce that could have the structure to really press through to new highs. However, the 98.00-10 area does seem to be important support and must hold to retain a directly bullish stance. If so, a move back above the 98.43 high should spur price higher to retest the 98.87 high and while it could provide a brief pullback I feel the risk is higher to 99.22 at least. Take care here. If I have to state my preference then I feel that the 99.64-74 area is a more likely stalling point... Only above there extends to 100.42.
10th June: The manner in which the move higher is developing does seem more corrective in nature and as such while I can see potential for a move to 99.64-74 I feel this may hold. Thus, only a break above here would open up 100.42-71 and maybe the 101.43 high.
The support between 96.80-97.10 held perfectly and we have seen a solid recovery but price seems reluctant to push higher. The 98.00-10 support looks crucial here and any breach of this support area would generate a deeper pullback at the very least. If seen then we should note the 97.70 pivot support, break of which would maintain the downside for 97.08 again but I feel then a dip to 96.66-80 is more likely. Take care if seen as this could hold. Only breach extends losses to around 96.02.
10th June: I still see this decline as more corrective in nature and only a break of 96.02-13 would cause me to revert to a bearish stance for a move back to 95.02, maybe 94.44-56 en route 93.84 and below.
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