[B]BIAS[/B]: While 106.30-60 caps there should be another leg lower to 104.48-75 minimum
[B]MAIN ANALYSIS[/B]: The clean break below the 106.60-82 support area extended losses more aggressively down to 105.64. I suspect this will generate a pullback to the 106.30-58 area from where we should see a final push lower, initially back to around the 105.64 low and later the 104.48-75 area (allow for 104.27.) This is the ideal zone for a low and reversal higher. However, do also note a deeper projection at 103.67... Thus, make sure solid bullish trade set ups are seen.
[B]COUNTER ANALYSIS[/B]: Only an earlier break above 107.00 would trigger a more immediate recovery with 107.25 and 107.60-90 providing minor resistance on the way back to the 108.45-74 area.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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