[B]MAIN ANALYSIS[/B]: Friday saw losses very close to expectations, stalling 5 points above the 0.9070-77 support and bouncing higher on this morning's open. This should see any pullback remain below 0.9138 (max 0.9153) for the drift lower to continue back to Friday's 0.9082 low and later to the 0.9029-45 projected consolidation support. From here we should see a modestly deep pullback higher to complete the larger consolidation pattern.
[B]COUNTER ANALYSIS[/B]: Only above 0.9153-58 would risk 0.9170-92 (which may well prove to be the final stalling point of the larger consolidation.) It would take a break here to risk a return to 0.9210 and then the 0.9251-75 area where I'd still expect a reversal lower.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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