Euro eased a little more than expected to 1.2830, but its action was still corrective.There may be some more weakness early today, but 1.2800 should contain it.Euro should then push higher again, exceed 1.2910 and approach 1.2980.Yesterday’s deeper drop is an early sign that Euro is not as strong as it seems and may not break 1.2980 on this occasion.A subsequent drop through 1.2900 will be an early sign of weakness but it will take a break of 1.2775 to confirm it.Were 1.2980 to break Euro will have the opportunity of testing 1.3125 and 1.3670.
Sterling’s pullback is taking a little longer than expected.Expect a drop into the 1.9000/30 region today before the rally continues.Although 1.9130 will be exceeded, it should not be by much.
Dollar/Swiss pulled back to 1.2270 yesterday and as it is against resistance, there appears little scope for further advances today.Another drop should follow to test the 1.2150/80 zone and complete the decline from 1.2595.
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