SHORT TERM SCENARIO:
- Initial bias this week is downside for 61.8% projection at 1.2833 and 1.27800. A break of 1.27800 will target 100% projection to 1.2600.
- Further decline is expected as long as 1.3209 resistance holds, in case of rebound.
LONG TERM SCENARIO:
- In the bigger picture, rise from 1.1958 is not completed yet despite current pullback form 1.3514. A rally is expected to resume later to 1.4376 key resistance.
- Initial bias this week is downside for 61.8% projection at 1.2833 and 1.27800. A break of 1.27800 will target 100% projection to 1.2600.
- Further decline is expected as long as 1.3209 resistance holds, in case of rebound.
LONG TERM SCENARIO:
- In the bigger picture, rise from 1.1958 is not completed yet despite current pullback form 1.3514. A rally is expected to resume later to 1.4376 key resistance.
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