[B]BIAS[/B]: I see the 1.5907-30 area capping for a correction lower
[B]MAIN ANALYSIS[/B]: Well, Friday's gains have put any bearish fears to rest. Having said that we seem to be approaching a resistance area that should cap for a deeper pullback before we can see additional gains. This should see the 1.5907-30 area cap for a move back to the 1.5852-66 area and then later lower. There are minor supports at 1.5818-25 and 1.5790 but overall I feel that the correction should reach 1.5760-70 at least but we should allow for a little lower to max 1.5720-40. Once this pullback is complete we can see gains to the next target at 1.5982-1.6013.
[B]COUNTER ANALYSIS[/B]: At this point I'd only get concerned if price breaks down below 1.5700 now...
Directly above 1.5930 would see 1.5982 directly…
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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