Resistance has been seen around 1.2200 in the last few sessions. This level also constitutes a projection of the initial move up from the 1.0630 low. Thus this seems like a reasonable area for a period of consildation to occur, or a correction lower. As detailed on the chart above, possible points of entry for longs are around 1.1800 and 1.1600, with the 1.1800 level tying up nicely with the low seen in mid Sepetember. A fall beneath the 1.1400 area which is also a likley area of support would question a return to the high at 1.2970, and lead your humble scribe to be grateful for his anonymity.
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