Trend line support off the June 1 low and 38.2% of the June range comes in at the 1.5579-81. This area is being tested now. A move below should solicit more selling/more negative bias for the pair. The 1.5521 (midpoint of the months range) becomes the next key target.
The correction off the low today in the London session stalled right below the 38.2% at the 1.56355 level. This kept the bulls in control. Although the price moved above the 200 hour MA (green line in the chart below) in the London morning session, the momentum above could not be sustained.
