Euro rose to 1.2818 yesterday to complete the first leg of the corrective swing to 1.2850.Euro should drop back to 1.2750 today to retrace yesterday’s rise before continuing towards 1.2850.From this level Euro should resume its decline and challenge 1.2640/70 and possibly 1.2560.A rise through 1.2850 however will suggest that a new rally may be developing; a break of 1.2940 will confirm it.
Sterling should range 1.8930/90 for some time today before making its final rise to 1.8950 to complete the corrective sequence from 1.8775.
Dollar/Swiss stopped at 1.2320 and is trying to turn upwards.There is a risk of slightly lower levels today but more likely Dollar/Swiss will range 1.2320/70 for much of the day before pushing towards 1.2445.
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