[B]BIAS[/B]: This is still in early stages but while 1.0580-90 supports I feel the upside can resume…
[B]MAIN ANALYSIS[/B]: This is a little less clear than the Europeans but the downside failure is a potential indication of strength to resume. I am therefore more cautious here but feel that while the 1.0580-90 area supports there is probably more upside to come. If we see a bounce from around there then I feel we can see price move back to the 1.0669 high and through to 1.0725-52 for a correction, not too deep and should remain above 1.0665-85 to then extend to just below the 1.0856 high.
[B]COUNTER ANALYSIS[/B]: Only a break below 1.0562 would see losses extend to 1.0530-40 at least and could even retest the 1.0509 low. Below there note support at 1.0456-83.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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