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[B]Bias:[/B] We have broken below the triangle low and this should lead to a test of 139.60

Losses have been strong and have seen a new low following which a small triangle developed. This has broken to the downside and thus I am looking for losses to extend further to the minimum target at yesterday's low and we should also note the 140.14 support. While we should be a little careful here I suspect we'll see losses to around 139.60. Take care here as I feel there is a good argument for a correction higher. Only below extends to 138.82 at least. Next support is then found at 138.37 & 137.50.

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[B]Bias: [/B]While 1.2325 supports I feel the risk is higher still

While not exactly what I was expecting we did see gains which stalled at 1.2505. From there the correction has reached 1.2325 and I feel this was probably deep enough for the correction. Thus I favor the upside but do recognize the risk of earlier sideways range trading. We need a move back above 1.2400 to assist back to 1.2460-67 at least and maybe even 1.2480. If we are to see a sideways move then this area should cap. Back above 1.2480-05 will extend gains to 1.2581-1.2628 but I expect a further correction.

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[B]Bias:[/B] I see potential for a test of 0.6894-0.6927 which should hold to avoid stronger losses

Losses did develop that pushed all the way to the 0.7032-49 area… but then pushed straight through to reach 0.6952. I am not sure the downside is complete yet and feel there is still risk of the 0.6894-0.6927 area being tested. Watch this area for a bullish reversal pattern. Only an earlier break above 0.7019 followed by 0.7048 would suggest the low is already in place and if seen this is likely to provoke follow-through higher to 0.7139 at least. Take care here as this could cap for a correction. Next resistance is seen at 0.7183 & 0.7237.

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[B]Bias: [/B]I look for losses to 1.4660 before a correction but while this remains below 1.4850-60 expect losses

Once the 1.4824 corrective low caved in the downside seems to suggest a move through to 1.4530-80. This morning has seen Friday's losses follow-through to 1.4706 but I still feel these should extend just a little further to 1.4660. Here I will expect a pullback to the 1.4850-60 area. Thus only directly below 1.4650 will imply immediate extension of losses to 1.4612 at least. Take care there. Only breach would then generate follow-through to the 1.4580 low followed by 1.4531.

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