[B]MAIN ANALYSIS[/B]: Losses develop as expected reaching the 1.0179 area before a correction and I feel there is still one more leg to come in the particular wave that should see the 1.0229 cap for the downside to extend to the 1.0136-58 area. Look for a correction from this area that should move back to the 1.0220-50 area that would then risk another push lower.
[B]COUNTER ANALYSIS[/B]: Only an earlier break below 1.0130 would see losses extend down through 1.0108 to the next projection at 1.0089. From this point take care as we shall be due another correction. Also note deeper projections at 1.0059 and 1.0039 and even 1.0008.
Only a break back above 1.0250 would risk a pullback to 1.0301 and may even attempt 1.0329-49...
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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