A bounce looks to be capped at 1.3362/94 within the intact downtrend
• The broader down-rotation remains intact but faces an increased bounce risk above 1.3104/01 (pivot/weekly Ichimoku-lagging). Only below the latter we’d see fresh down-potential to 1.2916/08 (weekly trend/Fib.-projection).
• A temporary bounce (minor wave 4) would however look fairly limited to 1.3362/94 (minor 38.2 %/daily trend) where a fresh selling opportunity would arise. Only above the latter and above pivotal resistance at 1.3503 we’d see extended recovery potential to 1.3646/1.3701 (200 DMA/pivot) and to 1.3795 (int. 76.4 %).
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