Euro could only range 1.2775/1.2805 throughout Asian trading yesterday before continuing its decline aggressively.This drop should stabilize around 1.2600 today and make a small reaction to 1.2670 over the next day or two before extending the decline to 1.2550.That drop will be an opportunity to complete the corrective process from the early May high.However, completion of a corrective process is not the only possibility, so at this stage do not discount the possibility of the decline extending to the next channel and mvg avg support around 1.2400.A strong drop through 1.2550 will clear the way for that move.
Sterling quickly pushed lower and has reached the target of 1.8400 but is showing no signs of a low.Expect a test of 1.8320 today and perhaps 1.8160 later.
Dollar/Swiss pushed relatively strongly higher yesterday and is now set for a test of the 1.2420/50 region.
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