has reached critical resistance in our view. Current price structure suggests upward move that began on the 16th of March 2017 may have amounted to a protracted correction and may be in the process of topping out. Our main bias is now to the downside and we look for any daily price close and penetration below zone bounded by red and black upward sloping trendlines
for short entries till around 1.19118 over most likely, some weeks. Further penetration of 1.19118 should bring 1.11995 area into sharp focus also over a few weeks.
On the other hand, any daily price close above 1.31927 is expected to bring a protracted 1.41615 into sharp focus on the upside also over some weeks.