Euro is extending its corrective rally after initially testing 1.2850 yesterday and then only drifting back to 1.2810.After an early retest of 1.2850, Euro should drop back to around 1.2780 to complete a retracement of the previous day’s rise.The next rise should take Euro into the 1.2850/1.2890 region and complete the sequence from 1.2725.Euro can then start the next decline to test the 1.2600/40 area initially and 1.2455 later.A strong rise through 1.2890 will suggest that a new rally is starting and on a break of 1.2940 will have the opportunity to challenge 1.3125.
Sterling should drop back to 1.9000 then make one final rise through 1.9060 briefly to complete its corrective sequence.Only a rise through 1.9145 will suggest a new rally is developing.
Dollar/Swiss should oscillate 1.2260/1.2320 today before making a final drop to around 1.2240.
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