[B]BIAS[/B]: While 108.01-10 caps there is still risk of extension lower to the 106.74-84 area
[B]MAIN ANALYSIS[/B]: No new high above 109.95 but steady losses which I feel have not quite finished. While the 108.04-10 area caps I feel the stronger risk is still lower and down to the 106.74-84 area. I look for that to support for a recovery. Whether this will see the uptrend resume or remain in a sideways range has to be judged later - I suspect it could turn out to be an extended correction.
[B]COUNTER ANALYSIS[/B]: Only directly above 108.20 would trigger gains up through 108.34-44 and to between the 108.84-22 area at least.
Only directly below 106.31 would risk deeper losses to 104.60-90…
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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