weakness has indeed proved to be corrective as suspected, with the market surging higher for a break above the .7036 high of Monday to negate the bearish
“reversal day”, and we maintain our view we are on the cusp of seeing a base complete. A close above the June high at .7023 and then .7036 remains needed to confirm a base and an important turn higher with resistance seen at 0.7048 next, ahead of the May high and 61.8% retracement
of the April/June fall at 0.7061/69, where we would expect to see fresh selling at first. Big picture, the “measured objective” of the potential base is set higher at .7246.
Support is initially seen at 0.6989/82, where we expect renewed buying. Below though can see the setback extend further, with support seen next at.6959/52, where we would look for a fresh floor.
A close above 0.7036 can confirm a base with resistance then at .7061/69. Support moves to .6989/82.