Bias: I suspect a dip to maximum 1.2177-92 but from there a rally is indicated

The 1.2365-96 provided a barrier as expected and this seems to imply that we are in the last decline before the uptrend resumes. So far this has reached 1.2273 and I see risk of a dip as far as 1.2230 and 1.2177-92 maximum. While this supports I feel that a reversal higher is possible. An earlier break above 1.2340 and yesterday's 1.2384 high would generate this earlier. This should quickly pass through the 1.2445 high and then to 1.2498, 1.2530 and 1.2583. Take care - only above sees direct follow-through.

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Bias: Mixed waiting for breaks

Yesterday saw most of the day generating steady gains that stalled at 0.6594. From there we have seen a fairly deep pullback and the depth concerns. However, while this morning's low at 0.6428 remains intact I still feel that the argument for a direct rally is possible. We shall need a quick break above 0.6468 followed by 0.6506 to provide the lift needed to extend the upside through 0.6534 and to the 0.6560-94 highs. Take care as this could cause a small correction. Above maintains gains for 0.6627 and 0.6662-92..

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Bias: Mixed - waiting for breaks though 1.4700-10 needs to hold to allow a stronger recovery

Break of 1.4760 generated losses to just below the 1.4645 support. Any break now below 1.4700 would threaten a stronger bearish move. Initially this should be back to the 1.1.4557-69 area and probably direct follow-through to 1.4462 at a minimum. This is quite important support as breach would open the risk of much stronger losses to 1.4385 minimum followed by 1.4340 and 1.4305. Also note the 1.4250 support.

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Bias: I look for 1.1932-58 to cap for losses below 1.1774-00 to extend losses to 1.1666 and 1.1550

I feel yesterday's high satisfies the 1.2010 reserve target and with bearish divergences now ranging from hourly through to even the weekly chart I am expecting losses to now develop. I suspect the 1.1932-58 area will cap and generate a reversal back below 1.1824 to 1.1774-00 at least. Take a little care here in case we see a correction. However, I feel the stronger argument will be for direct losses towards 1.1666 where a correction can again be seen. The eventual target is expected to stall close to the 1.1549 low.

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Bias: I feel this will be a down day towards 1.2328-47 but resistance at 1.2615 (max 1.2720-50) must cap

The break of 1.2476 did extend losses rather messily but only to 1.2437. However, while price remains below 1.2615 I still feel that additional losses are more likely and which should then provoke follow-through to 1.2392-15 minimum. Take care here as this could cause a pullback. Breach implies direct extension to 1.1328-47 where there is one significant target that suggests a reversal higher. Only breach of the 1.2328 low would trigger stronger follow-through lower for 1.2284 en route 1.2140-75.

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