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[B]Bias: [/B]Mixed - waiting for breaks - we may remain in a trading range

The break above the 133.26-44 resistance did take price higher to stall at 133.96. This has caused a dip lower although it hasn't been particularly strong yet. My own preference is for the consolidation to continue which means another dip lower. Thus any stronger bullish stance is going to need a break back above 133.91-96 which, if seen, should extend the rally to the 134.50 high and probably further to 135.48 at least. Take care here as this may cause a correction. Breach would maintain the upward momentum for 136.54-78.

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[B]Bias:[/B] My patience is beginning to fail but still wait for breaks to confirm the move

Still no break higher and a return to close to the 1.2200 low but which was followed bya rally back to retest the 1.2351-54 area… It really is hard to fit this into a bearish structure and thus we should be aware of the risk of a move higher. However, I'd still recommend caution. A move above the 1.2354 high should extend the rally through 1.2377 and to 1.2407 at least. Take care as this could cap. Thus any breach of 1.2410 would maintain the upward momentum for 1.2444 and 1.2504 and I feel higher to 1.2552 and 1.2613-30.

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[B]Bias: [/B]While 0.7001-24 caps the downside does look stronger - below 0.6931 confirms

The 0.7088-13 target was been reached with bearish divergences in hourly & 4 hour charts and yesterday saw a rather jagged decline to the 0.6931 low. This does seem to be critical and loss should seal additional losses. If seen I shall look for losses to extend to 0.6842-54 at least and I suspect to 0.6815. Take care here as this could cause a correction. Once complete (or the support is broken) the decline should follow-through to 0.6734-53 and 0.6704 at least.

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[B]Bias: [/B]We should see gains to 1.4772 minimum and probably 1.4842-63

Yesterday was a bit of a messy day but overall bullish and this is seeing further gains this morning. Already we are close to the 1.4772 target and while we should take care around here I feel that the greater risk is probably now for a move through to 1.4842-63. Note the bearish divergences in both hourly & 4-hour charts. Thus only above 1.4863 would pressure the 1.4984 high and if this breaks then we may be talking about follow-through to 1.5136.

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