Euro drifted lower to 1.2625 on Friday and has one more drop to make to complete a corrective sequence from 1.2860.At 1.2610 Euro will be respecting both the upward trending mvg avg and the 62% retracement of the 1.2475/1.2860 rally.It will be an opportunity to start a new rally.A failure to hold below 1.2665 will be the first sign of strength and a break of 1.2735 will confirm that the decline is over.Euro should then attempt to rise through the 1.2860 and 1.2980 highs.Only a strong drop through 1.2610 will suggest that a new decline is developing.
Sterling should fall through 1.8310 briefly to complete the corrective sequence from 1.8540.The maximum extent of the drop is 1.8260.
Dollar/Swiss has achieved the basic requirements for the corrective swing with its 1.2377 high on Friday, but will probably still test 1.2400 today.
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