[m.youssif]

The slightly stronger than expected recovery from 1.2728 dampens the immediate bearish view and mixes out near term outlook. We'll stay neutral first. Nevertheless, there is no change in the view that price actions from 1.2401 are consolidations in the larger down trend only. Below 1.2728 will revive the case that such consolidation has completed at 1.3234 already and target a new low below 1.2401.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.

[m.youssif]

The slightly stronger than expected recovery from 1.2728 dampens the immediate bearish view and mixes out near term outlook. We'll stay neutral first. Nevertheless, there is no change in the view that price actions from 1.2401 are consolidations in the larger down trend only. Below 1.2728 will revive the case that such consolidation has completed at 1.3234 already and target a new low below 1.2401.

In the bigger picture, whole down trend from 1.6287 (2007 high) is still in progress and in any case, medium term outlook will remain bearish as long as 1.3833 resistance holds. The current down trend would likely continue through 1.2 psychological level towards 100% projection of 1.5138 to 1.2765 from 1.3833 at 1.1460, which is close to long term projection level at 1.1516. However, break of 1.3833 will confirm medium term bottoming and should bring strong rebound to 1.4315 resistance and above.