The 200 hour MA and trend line off the June 1 and June 12 low comes in at 1.2595-1.2600. Also at the area is the 50% of the move up from June 12. The range is now 110 pips. There should be some shorts who will take some profit here, but the trend and bias is down so look for corrections to be sold.
Traders short from above, can now look for the 1.2621-29 level to provide upside resistance. This is the 38.2% -50% of the last leg down. Staying below is a clue the shorts remain in control of the trend move we are seeing.
