[B]BIAS[/B]: Care required - while 1.3310-21 caps this can still recycle lower…
[B]MAIN ANALYSIS[/B]: In the end we did see continued sideways consolidation for the entire day. There's risk of a little more to come into the European morning. However, I feel that as we go into the North American shift that price should poke its head up to the 1.3297-10 area which I see capping and provoking a recycling back down to the 1.3186 low and probably into the 1.3151-61 area. This then needs to support to provoke the next stronger push higher.
[B]COUNTER ANALYSIS[/B]: Only a direct break above 1.3310-21 would extend the gains more directly with minor resistance around 1.3331-50 but above there I can't see any firmer resistance until 1.3403 and 1.3454. Only below 1.3125-50 would confuse and suggest a deeper correction back down to 1.3027-49...
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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