BIAS: We should see a cap between 123.35-54 for losses
MAIN ANALYSIS: No losses but a break above 122.90-00 that has seen a recycling to just above 123.18. This looks like extending to the 123.35 - max 123.54 - area. There is a minor hourly bearish divergence. Thus watch for bearish reversal indications for losses to move back below 121.93 and to (ideally) 121.70 (mild chance of 121.41) for a correction back to 122.24-44 before losses down to 121.36 - but allow for a buffer below. Observe for bullish reversal indications.
COUNTER ANALYSIS: Only directly above 123.55 would imply more direct gains and back to the 123.98 high and potentially above to 124.37...
MEDIUM TERM ANALYSIS:
29th June: This morning's losses imply we shoud be in the last leg lower in the correction from 125.85 and this should mean the 121.35-45 area is the most likely base for gains to resume.
Only back below 121.00 would risk deeper losses to 120.50 at least and later lower.