The modest recovery since early June has left a new lower peak below the 38.2% retracement. The underlying down trend is thus still intact and our focus is to the down side. Dipping below the trigger at 1.1525 should speed up bearish dynamics quite a bit. Our focus is on minimally 1.1400 and roughly 1.1220 thereafter (secondary projection level, less reliable).
Note that this bearish outlook will also collapse the fragile uptrend on the weekly charts. A much deeper correction is absolutely possible.
Near term trend: negative
Long term trend: mildly positive (negative < 1.15)
Outlook: deeper correction, probable long-term deterioration
Strategy: short-entry or avoid
Support: 1.1525 / 1.1400 / 1.1220 / 1.1250-
Resistance: 1.1635 / 1.1755
Outlook cancelled/neutralized above 1.1635
Note that this bearish outlook will also collapse the fragile uptrend on the weekly charts. A much deeper correction is absolutely possible.
Near term trend: negative
Long term trend: mildly positive (negative < 1.15)
Outlook: deeper correction, probable long-term deterioration
Strategy: short-entry or avoid
Support: 1.1525 / 1.1400 / 1.1220 / 1.1250-
Resistance: 1.1635 / 1.1755
Outlook cancelled/neutralized above 1.1635