[B]MAIN ANALYSIS[/B]: Price did make it higher to the 103.60-80 area but the structure has provided a potential base for a stronger recovery. It will be useful to ensure that EURUSD breaks higher - and even if USDJPY also break above 80.10… The combination of both of these could well boost this cross for a move above 103.77-88 to reach the 104.60 pivot resistance. A pullback is then possible but I suspect then a break above for 105.20-30 en route 105.87 where a correction is implied. If this pattern of development occurs then it may even imply a later rally above 106.00...
[B]COUNTER ANALYSIS[/B]: However, until the upside is confirmed this morning's 103.20 low seems important and if EURUSD breaks below 1.2911 then the risk will be much lower. This would imply losses to 102.44 minimum and potentially 101.70. Watch these two points as there should be a pullback from one of them...
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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