Bias: I still look for losses to 1.1590-16 at least & possibly 1.1539

Losses developed as expected reaching the 1.1655-73 support. While there has been a pullback from there I feel this is now complete and thus the downside is the more vulnerable. I see resistance at 1.1812 and above there at 1.1847. However, I doubt we'll get this far. A break below 1.1721 and Friday's 1.1668 low would trigger follow-through to 1.1590-16 at least. Take care here as we could see a base form here or around 1.1539. While this holds we could see a period of consolidation. Breach again extends to 1.1458.

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Bias: While 122.13-45 supports the chances favor a reversal higher - else see losses to 121.41 & below

The 122.19 low has almost been reached this morning with a bullish divergence in the hourly chart. There is still risk of a second dip to this support. To take us back onto the preferred bullish recovery we'll need a break back above the 123.78-00 pivot area and if seen it should lift price up to 124.93-20 at least and potentially to 125.62 and 126.28. At this higher resistance take care. If there is any chance we'll see a larger drop then this resistance must hold. Breach allows 127.74 en route 130.37.

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Bias: I am still looking for losses down to 0.6525-44 with 0.6690 providing a temporary pullback

Losses have progressed and should soon hit the 0.6690 intermediate support. This should cause a correction but it is unclear quite how deep this will be. At a minimum the 0.6750-70 area in implied and at a maximum 0.6820. If it gets to the higher then we may see a small triangle develop. A cap around 0.6750-70 would generate losses below 0.6690 and down towards the favored 0.6525-44 target which I look to hold. Thus only breach of 0.6510 would generate stronger losses for 0.6422 and 0.6389.

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Bias: I suspect the 1.5841 low (max 1.5810) should hold for gains back above 1.6106 to 1.6154-98

Losses were seen as expected but stalled at 1.5599 causing a recovery. While the low seen wasn't where I expected it I still feel that we should see the upside develop today. It does seem more logical for this morning's low at 1.5841 should hold - however, allow for maximum 1.5810. From here a break above 1.5998 should provide the boost for additional gains. These should soon see yesterday's high at 1.6106 and while this may cause a temporary correction the targets should be at 1.6154 and 1.6198-15 which should cap.

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