Commentary: There is no change to the call for a decline to come under 1.4569. In fact, price action from yesterday reinforces our near term bearish bias. Price seems to have put in a ceiling just below 1.4750. “The rally to 1.4823 is now viewed as wave b of an expanded flat within larger wave 2 of the 5 wave rally that began from 1.4310. Minimum expectations are for the decline to come under 1.4569 before the next bull leg begins. Resistance should be strong near 1.4750.”
Strategy: Bearish, against 1.4823, target TBD
Al Bawaba
