[B]MAIN ANALYSIS[/B]: Losses did develop below the 1.5660 gap low and down to 5 points above the 1.5602 low. I don't think this has completed the decline. I doubt we'll see a return to 1.5647-56 but that is the upside barrier and while it cap the risk is lower for a break below 1.5602-07 and down to the 1.5555-82 area. This is the favored final target but do keep in mind the deeper 1.5501-27 projections. From this low we should expect a scrappy correction back higher.
[B]COUNTER ANALYSIS[/B]: To generate any stronger push higher we'll need a break above 1.5656 to see extension to 1.5691-16 initially and later to 1.5743-78…
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
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