[B]BIAS[/B]: There still looks to be room for additional losses to 0.9307-20 before a deeper correction
[B]MAIN ANALYSIS[/B]: Losses reached the 0.9373-92 area as expected but I don't think this is the end of the move. I see support at 0.9377 and while this holds there is room for a correction to the 0.9400-10 area. From here I'd look for the downside to resume below 0.9377 and probably down to the 0.9307 area (just above the 0.9305 major corrective low.) I feel this should hold for a correction higher. Only below 0.9300 would risk a deeper extension down to 0.9255-74 before the correction.
[B]COUNTER ANALYSIS[/B]: Only an earlier rally above 0.9410 would generate strength back to the 0.9435-45 congestion high and potentially the 0.9461 corrective high initially. Above there note the 0.9495-0.9525 resistance.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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