 | | Classical Outlook: Despite the latest pullback, we still hold a constructive outlook for the pair and look for a low to carve out at current levels ahead of renewed strength back above 1.1725 over the coming weeks. Daily studies are now oversold, while medium-term studies show the market very well supported below 1.1000. It is too early to call for a major double bottom, but a base at current levels and break back above 1.0935 would help to strengthen case. | | Elliott Wave Outlook: The entire rally from 1.0782 has been retraced. Additional weakness is expected in order to complete the decline from 1.1730 and by extension the entire decline from 1.3068. 1.0588 is the next level of potential support (Fibonacci). | |
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