Lower third objective to 1.1300. EUR/USD appears to have met the support that we had been anticipating near 1.2150. This now opens up scope for a return to 1.2300/2400, where a lower high would be expected to form.

We decided to change our final target to 1.1300 due to the recent break over 83.542 in the US Dollar Index, which strengthens the longer term outlook for the US Dollar considerably. If structure continues to evolve in line with our expectations, there still remains scope for an ultimate target closer to 1.0800.

Daily Technical Report