After yesterday's modest bounce back to 1.3240 markets have broken back down again and are in the process of retesting the previous 1.3159 lows and making another attempt at breaking down through the trend-line supporting the January rally. A successful break would immediately target the 1.3040s where a cluster of major pivots lie, but eventually I would expect the 1.2850s to be in sight. A rebound back up into the channel is still possible with the recent 1.3240 highs providing an initial target - although overall the bias is to the downside.
Analysis by: Joaquin Monfort
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