[B]MAIN ANALYSIS[/B]: As elsewhere, the fledgling bullish structure broke down on the break below 0.9770 only to stall 5 points below the prior 0.9695 low to shoot stright back up. This suggests that we merely saw a minor new corrective low and thus we should see the uptrend extend further. Tonight's NFP could keep price in a 0.9818-0.9914 range so take care during this process that could included a recycling. Once this is complete we should see price rally above 0.9914 and up through the 0.9971 high and towards the 1.0035-1.0016 projection area.
[B]COUNTER ANALYSIS[/B]: Only a break below 0.9800 would frustrate and risk a back to the 0.9740-45 area and perhaps back to the 0.9690-95 lows. Also note the 0.9632-73 support area as well but by then we may well have to face stronger losses…
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
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