[B]MAIN ANALYSIS[/B]: The 1.2334-48 target was met although hourly momentum is a bit mixed. However, until something goes wrong I'd still prefer to call this higher. A break above 1.2379 & 1.2396 would be helpful but there's still a barrier at 1.2418-28 that can still hold price from pushing higher. Thus, only above 1.2430 would maintain the push higher to the 1.2460-70 area at least. Then note resistance at 1.2500-10 and stronger at 1.2559-74. Indeed, this may be as much as we see but allow for the 1.2624 corrective high...
[B]COUNTER ANALYSIS[/B]: Any earlier break below 1.2300-20 would edge price to even deeper projections to 1.2277 at least. Take care here as this could cause a correction higher… Below 1.2270 note the next projection way down at 1.2204…
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
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