[B]MAIN ANALYSIS[/B]: USDJPY has begun to display a more positive direction while EURUSD is rather balanced between up & down… Even if this is to dip further I feel we should see a correction higher but wait until the 100.26 high is taken out. If seen then look for extension through to 100.84-95 at least. Also note the 101.48 area... Only if this pushes above the 102.12 high would there be a stronger risk of more sustainable gains.
[B]COUNTER ANALYSIS[/B]: Until 100.84-95 is broken I cannot rule out another push lower if EURUSD decides to make its final decline to its target areas. This could still force the cross lower and down through 99.35 to 98.75 minimum (and take care here) while there is a deeper projection at 98.40-45 below where a drop down closer to the 97.03 low is possible although I do not think this will break.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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