The September contract broke to new lows after having held above a Hidden Pivot support at 1.2225 for most of a day. This is bearish on its face and suggests more downside to as low as 1.2073 over the near term. There are numerous other, lesser patterns, but if you’re looking to bottom-fish I’d suggest using “camouflage” for all but the one noted above, which can be bought with a stop-loss as tight as eight ticks. _______ UPDATE (July 16, 12:36 p.m. EDT): The target is still valid, but because an upward correction begun on 6/13 has made it less attractive as a place to try bottom-fishing, I am no longer suggesting it. The bigger picture remains bearish because of the breach of 1.2225 noted above. ______ UPDATE (July 26, 10:12 p.m. EDT): The futures have in fact continued to plunge — most recently, to a 1.2051 low that exceeded my target by 0.0021 cents. This is bearish on its face, and the upward correction so far looks somewhat timid because of its failure to breach an ‘external’ peak at 1.2190 recorded July 20 (60m) on the way down.
