[B]Bias: [/B]I can't rule out a test of the 1.1690-22 area but while it caps there is more downside risk
I was rather surprised with the reversal from 1.1431 which wasn't anticipated The recovery makes it look like a complex correction and thus while the 1.1690-22 area caps I still feel the downside can develop. There is immediate support at 1.1555-69 and breach of this support would imply the correction is complete and would therefore trigger another leg lower that should extend through 1.1431-60 and down to the 1.1357 support. Take care here as I feel this will support. Also note the 1.1311 low.
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