Wed's rebound and long lower candle shadow count for little

Early Thurs and price slides to 1.2173 from 1.2314 Wed high

Consolidation since Jun 17 killed off the sharp two day gain from Jun 15-16

14-day momentum has remained negative since Jun 10 despite the rally

A 50% Fibo also removed at 1.2177, off 1.1934-1.2405

Next retrace level at 1.2114

We lean bearish but look for stronger signals or a range break

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