Bias: This looks like it'll manage to stay afloat but be aware of key levels
The 91.47 high remained intact and price spent the whole day declining. It looks as if it has done enough to suggest the decline was corrective. To confirm this a move above the 90.58-67 area must be seen. Once this is confirmed it should make its way higher back to 90.90 and probably the 91.16-29 area. Take care here as this has potential to cause a reversal back into the range. Only above extends gains above 91.47 but not above 91.81.
Only directly below 90.32 would extend losses to 90.19 but then a pullback higher. However, once the correction is complete then the next leg should be lower and would then target the 89.30 target.
Medium Term Outlook:
22nd June: It seems like the bearish correction is becoming more complicated and while 91.66-85 caps this should still allow a retest at 90.20 and then the 89.30 target from where I anticipate a stronger recovery.
If the 88.97 low breaks then look for losses to extend to the 88.13-21 lows and I think then I may get a bit more bearish...
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+65 pips)