We’ve retraced 61.8% of the 18-month long range from the 1.1875 lows in June 2010 to May of 2011.
Expect another leg lower if we can take the 1.3046 level out, with a test of 1.3000 unfolding.
The market seems quite comfortable with shorts, unable to overcome even 1.3100 on mild retracements intraday this afternoon.
