Current level at 12:45 CET is 96.50, trading well below the daily pivot point level of 99.71 and having reached our downside target of 95.70 which represents the Fibonacci 76.4 percent retracement level of the entire 79.78 - 147.62 range. While an overshooting is by all means possible in such a volatile market environment, we are of the opinion that additional significant downside potential has been exhausted for the present time. Existing short positions should now be hedged.

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