[B]MAIN ANALYSIS[/B]: The 1.2907-32 area was broken and provoked extension to the 1.3060-80 area. We may have seen the high at 1.3064 but allow for 1.3074 and from here the downside can develop once again. There are minor supports at 1.3043 & 1.3021 and probably a little firmer at 1.2990. However, overall I'd expect a move down to around the 1.2954 low again. A correction should develop from here but not so deep and once complete should then progress down to the favored target at 1.2900-10. There is potential for as low as 1.2827-55 but I have doubts we'll see price that low.
[B]COUNTER ANALYSIS[/B]: Thus, only back above the 1.3080 pivot resistance and the deeper retracement at 1.3097 would provide any stronger recovery that could reach the 1.3163-80 highs… In turn these corrective peaks will need to break to extend gains further.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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