The Euro is attempting to find support near the margin zone and major strikes, though buying interest remains restrained. Further down on the spot market, additional put options have been added near the 1.1310 level.
Therefore, I maintain the view that the 1/2 margin zone will hold. If the correction extends toward previously mentioned targets, price action should remain contained within the 1.1410-1.1430 range.
The Euro has reached its 1/2 targets. Pay close attention to the Dollar Index (DXY). It is currently testing the lower boundary of its Average Daily Range (ADR), but remains below the 1/4 level.
We need to observe whether the market will initiate a sell-off toward the 1/2 level during the U.S. session; if so, the Euro will undoubtedly break above the 1/2 resistance.
It is fair to say we are currently at a local point of bifurcation.
