[I]MAIN ANALYSIS[/I]: The 1.5737 high appears to have been the final high with the drop below 1.5674 triggering losses that still seem to have a little more to go. The minimum downside target is at 1.5581 but allow for 1.5553. Probably the higher end of this range will support and trigger a correction higher back to 1.5610-25 minimum and could see as far as 1.5640-60. Once this correction is complete the downtrend can resume and move back below the 1.5553-80 area.
[B]COUNTER ANALYSIS[/B]: Only direct losses of 1.5550 would extend losses more directly through 1.5521 and 1.5505 towards the 1.5471-91 projection area.
We'll need a break above 1.5680 to provide a deeper correction at least and could be more…
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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