[B]MAIN ANALYSIS[/B]: While price dipped a little lower than expected to 1.5429 we did then get the rally to the high end of the 1.5578-02 target area as advised. There is only minor risk of seeing 1.5623 but more risk that we're going to see a choppy decline. The first dip should be down to the 1.5475-85 area from where we should expect a pullback higher. Below is also the 1.5429 swing low that should hold on first test. In the longer run I suspect this correction could extend down to 1.5346-79 at least - also note the 1.5316 retracement.
[B]COUNTER ANALYSIS[/B]: Only a direct break above 1.5623-53 would concern. There's still the 1.5696 & 1.5733 areas. I do feel there may be a risk of seeing this high but had expected this higher target to be reached after a deeper correction…
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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