[B]MAIN ANALYSIS[/B]: We did see gains but which stalled at 106.12 from where there has been a deep pullback. We're basically in a similar position to yesterday. The recovery wasn't enough to confirm a reversal and still holds some risk of a minor new low below 105.12 but remaining above 104.61... Ideally I'd prefer this to move directly higher but best wait for a break of yesterday's 106.12 high that should allow a retest of the 106.54 high. We have to be careful as there could still be a pullback from the 106.54 area but as long as it's not below 105.65 we should then see some stability and stronger gains to 107.10-35 and possibly 107.49-99...
[B]COUNTER ANALYSIS[/B]: Only an earlier break back below 105.05 and 104.61 would cause some discomfort. Note the 104.29 retracement support followed by 103.90… next support is around 103.30.
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