[B]MAIN ANALYSIS[/B]: Price rallied firmly to 1.5908 but also saw a slightly deeper than expected pullback to 1.5820. However, I cautiously feel that has broken the potential for deeper losses and more likely, while the 1.5850 area supports it would tend to suggest a break above 1.5887 for gains to extend through to the 1.5922 high for a shallow pullback and then extension to the 1.5970-84 area from where a correction lower should be seen. Also note potential resistance at 1.6009 & 1.6032.
[B]COUNTER ANALYSIS[/B]: Only a break below 1.5845-50 would suggest a dip to 1.5805… and this would need to break cleanly to suggest any possible recycling back to the 1.5734-44 area.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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