Bias: While there still seems risk to 1.5696, only breach maintains stronger gains

In spite of yesterday's aggressive gains the bearish divergence in the 4-hour chart is still evident and given that we have reached close to the 1.5696 resistance this does seem to require come respect. However, it is still possible we could see a dip to the 1.5484-1.5515 support before any test higher. Thus from the 1.5696 target or a direct break below 1.5484 I feel the argument for stronger corrective losses is possible. There is minor support at 1.5434 and then the 1.5375 pivot support.

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Bias: With momentum still bearish the risk is for losses to 1.1490 at least

Losses were persistent enough to break below 1.1650 and saw extension to the lower 1.1549-67 support. Momentum is still bearish and therefore the risk does still seem to be lower and while 1.1610-20 caps the major risk does appear to be for a test of the lower 1.1490 target. Take care here as this could provide a correction. Only breach would maintain the downward momentum for 1.1425, 1.1357 and possibly lower.

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Bias: I suspect a peak around 1.3463-73 and for a correction lower else a deeper rally is likely

While the 1.3463-73 resistance caps I feel the stronger risk is for a correction lower today. There is first support around the 1.3390-10 area and it is break here that should set the scene for a choppy decline. Breach would extend the pullback lower and then we should observe minor supports at 1.3350 and 1.3300-10 before Friday's 1.3249 low. If the 1.3463-73 peaks I feel the extent of the decline over today and tomorrow should be at 1.3196 minimum and at most 1.3151.

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Bias: While 92.00 caps I still see risk for losses to reach to 90.43 and possibly 98.46-98.89

Once the 92.20 support was breached the rest of the day was lower and this reached all the way to just above the 91.04 support. With hourly momentum still bearish I feel there is still a little more way to go on the downside. Ideally the 92.00 area should cap and cause a reversal back below 91.35 and 91.15 to push below the 90.88 low to 90.43 minimum. Take care here as this could hold. Breach takes us down one step to 89.89-00 & possibly 89.46. I'd like to think this will hold since the next major support area is not found until 88.60...

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