BIAS: Despite the deeper correction I still look for the upside to develop
MAIN ANALYSIS: We didn't get the direct follow-through higher but a deeper correction that has been supported by the 4-hour Price Equilibrium Cloud. There is also support at the 1.0340 pivot support. As long as this area holds we should see resumption of the upside and back to the 1.0424 high and probably towards the 1.0458 & 1.0480 peaks... That may well be enough for today.
COUNTER ANALYSIS: Only a break now below the 1.0340-45 pivot support would frustrate totally and imply extension to below 1.0287 and probably 1.0256. Take care here as it would most likely cause a deeper correction - as much as 80 points. Once complete there is then risk of a return to the 1.0210-35 area before reversing back higher.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.