[B]Bias: [/B] I'd prefer a bullish scenario but wait for a break above 90.48-80 -
until then there is still downside risk
Friday's drop really puts price on the back foot. Indeed, there is considerable resistance around the 90.48-80 area and it is only above here that would bring potential for the preferred rally. Right now we are meeting first resistance at 90.07-24 and while this holds we could see another drop.
The key support as far as I can see is between 88.75-82 & 89.02. If there is a bullish reversal pattern and 4-hour momentum has begun to turn higher in a bullish divergence this could provide the base. A direct break above 90.48-80 would provoke follow-through to around 91.40-61 which should hold on first test. Above would extend gains towards the 92.31 high.
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