[B]MAIN ANALYSIS[/B]: The limited correction and the review of the weekly report has turned my thoughts to a major recycling lower that permits deeper losses. For today I feel we are close to an intermediate low that should stall around the 0.9718-43 area for a correction higher. This pullback should reach 0.9805-15 minimum and possibly 0.9845. From this area I shall be looking for further losses. In case this develops more directly than expected then note the deeper 0.9663 daily low - although I feel it may just dip below...
[B]COUNTER ANALYSIS[/B]: Only back above 0.9845-66 will provide any relief from the downside. Then keep in mind the 0.9890-95 and yesterday's 0.9934 high.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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