Commentary: Near term, we still expect a rally but the corrective advance unfolding from 1.0884 is probably an expanded flat. The flat would be complete following a rally through 1.0948. Resistance is in the 1.0978/1.1046 zone and the bias is bearish as long as price is below 1.1190. We do not have any clear targets at this point. Given the unfavorable reward/risk ratio at the current juncture, we advocate pursuing opportunities elsewhere.
Strategy: Flat
Al Bawaba
