Euros hit 1.2387, but this was acceptable within our 1.2370/90 resistance band and we saw the market decline. We have hit the tiny 60 min 50% fib level of 1.2315, and therefore as we are back above 1.2335 we could bounce a little further early part of the session.

We would look for 1.2370/90 to once more hold the topside, and again we are covering longs and selling at this resistance. Hold shorts unless above 1.2420.

1.2335/15 offers support...There a break below 1.2310 would see another test of 1.2290/70. Here cover shorts. We would only re-sell if a break was seen below 1.2257. If this occurs we are back to 1.2220 /1.2200 where once more we cover all short positions.

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