Sellers, who are now caught out of position appear to be under threat and are trying to cover quickly. Since the 1.177x/1.178x lows held, this is now the only level we need to apply rules too.
So, an initial target (1.197x) is in the crosshairs and squared up for the flows behind. Next comes 1.209x and 1.250x as the major targets that we need to clear this year to keep the attack on USD supported. The mobile five wave sequence to the topside has started and sellers look ready to decay quickly. If appearances are deceptive, then the risk to this thesis comes from a one-day wonder, attack on the 1.170x yearly lows (very low odds as per today).
So, an initial target (1.197x) is in the crosshairs and squared up for the flows behind. Next comes 1.209x and 1.250x as the major targets that we need to clear this year to keep the attack on USD supported. The mobile five wave sequence to the topside has started and sellers look ready to decay quickly. If appearances are deceptive, then the risk to this thesis comes from a one-day wonder, attack on the 1.170x yearly lows (very low odds as per today).
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Lows still holding...
