The buyers have not been able to take control so far. So by default, the sellers/shorts keep the upper hand. The high corrective price off the number came in at the 1.2375. The 38.2% of the the move down from that level comes in at the 1.23393. The 50% comes in at 1.2346. Stay below this area (yellow area in the chart above) and the buyers whould remain worried/the shorts should feel ok. (PS…The initial low after the number came in at 1.23468 so this also adds to the importance of that 50% level).
The 1.2286 remains the next key target for the pair (June 1 low). The range for the day is now 83 pips. Still light when compared to the average over the last 20 days of around 120 pips.
