[B]Commentary[/B]: We maintain that the decline below 1.1877 “is the beginning of a thrust from a triangle. A measured objective for the end of the terminal thrust is 1.1364 (the 161.8% extension of 1.2468-1.1960/1.2165). The structure is bearish as long as price is below 1.2165.”
Former support just below 1.2000 has held as resistance so far. A break above 1.2000 would destroy our confidence in the bearish bias. [B]Strategy[/B]: Remain Bearish against 1.2165, target 1.1400