[B]MAIN ANALYSIS[/B]: Friday's pullback was a bit deeper than expected, clipping above 1.5610-20 to 1.5634 and it was from there that we saw the move down to 1.5556 but instead of edging lower it stalled and price remains above Friday's low. Whether it can make one more dip is a bit uncertain. While 1.5696-10 caps there is a chance and then we'd have to allow for the 1.5524-30 area (max 1.5498) before the correction higher develops. Directly above 1.5610 would see a recovery to the 1.5634-60 area. I feel this will hold but allow for 1.5674, before the downtrend resumes.
[B]COUNTER ANALYSIS[/B]: Any earlier break above 1.561.5680 would risk retesting the 1.5721-33 area and possibly then approach the 1.5777 high...
Directly below 1.5490 would see more direct losses through to 1.5423 and probably 1.5376…
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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