Bias: Watch support at 95.72-94 - only below resumes losses else see a move to new highs
The strange price development soon after the 93.84 low indeed produced a strong rally yesterday and puts my structure in doubt and therefore I feel we need be cautious. For the moment I can't see any strong argument for a significant reversal and see support at 95.94 (max 95.72) that I feel will hold. A bounce from this area should then move back higher to 96.55 and then 97.00 again where a small pullback is possible but overall I feel we should see a break above 97.23 for 97.56 minimum and probably 98.00-34. Next at 98.97.
29th May: The break above 97.14 has been marginal but I sense we're going to see this reach 97.56-64 at least and potentially as high as 98.34 - and even 98.97. Only a break above 99.74 is going to indicate a much stronger bullish picture.
For now I feel we can see the 96.60-63 area cap for losses to 95.94 and at most 95.72. Take care around this support area. It is here that a break would bring us back onto a bearish track. There is then close support at 95.45-50 which may well provide a small reaction but once broken would extend losses through 95.13 and 94.64.
29th May: The break of 97.14 has only been marginal but the manner of the rally does suggest that we're going to have to wait for the next leg lower. I feel either 98.34 or 98.97 will cap. Back below 95.45-72 would raise the chances of direct losses.
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