[B]MAIN ANALYSIS[/B]: No losses but a break above the key 1.2591-12 resistance that basically broke the immediate downside and produced a retest close to the 1.2747 high. My preference is that it should now decline. A break below 1.2680 will certainly be the first sign that should allow losses down through 1.2655 and to the next bigger support around 1.2620-25. If this is to produce an extension lower then clearly the next larger barrier is the 1.2556 low but any loss would probably come to a halt around 1.2521-28 for a correction higher...
[B]COUNTER ANALYSIS[/B]: It's pretty obvious that a break above 1.2747 would not please me… I still feel we should take care at 1.2764-85 that represents a standard 50% retracement followed by the 1.2823 corrective high although I'm not so confident that would hold. There is stronger resistance at 1.2864-71.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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