MAIN ANALYSIS: The 0.9575 low was spot on target and final. From there we have seen steady gains and a structure that still looks as if it has upside in it - though a bit less direct. Ideally I'd like this to stretch to 0.9650 quite quickly from where a correction back to the 0.9632-37 area should be seen before reaching 0.9684-94. This should cap for a correction that could be quite deep - and as low as the 0.9585-05 area - before the uptrend can resume. The next larger target is than at 0.9753.
[B]COUNTER ANALYSIS[/B]: Directly below 0.9585 would concern and allow slippage back to 0.9557 and probably the 0.9515-35 pivot supports. Only below there may risk a retest closer to the 0.9475 low… A break there would confuse and suggest 0.9452 at least…
For more information regarding the support & resistance and the medium term outlook please see the attached PDF file.
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