[B]MAIN ANALYSIS[/B]: The 0.9828-40 support held perfectly and has provoked the gains I had expected and to just short of the 0.9457 target. As in EUR, if I have any preference then it's for a deep pullback to the 0.9367-77 area before resuming the rally to the 0.9457 target. However, I'd not fight a direct move to 0.9457 (and even 0.9476.) Either way I do see this projection area as a cap for a deeper pullback lower and back to the 0.9315-26 area at least and max 0.9295-05...
[B]COUNTER ANALYSIS[/B]: Only and earlier break above 0.9476 would extend gains to the stronger 0.9505 projection target where we'd still need to take care… A break above there would risk follow-through closer to the 0.9575-95 daily high.
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
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