[B]Bias: [/B] The 0.9700 high must now cap to retain the bearish structure for a test of 0.9798 before higher
The 0.9625-30 held well for follow-through to the 0.9556-75 target from where we have seen a stronger recovery. My apologies, I looked at the wrong section of the spreadsheet for the pullback. Even then the 0.9700 peak is the most I could accept in this move and is already quite deep for this type of correction. However, the 0.9554 low was implied as only the penultimate low and therefore while 0.9700 caps the risk remains lower. Back below 0.9650 will assist and then we'll have to look for a move back down to the 0.9554 area initially. Around here we should see a correction but later drop down to the 0.9498 target. Look for a bullish trade set up.
Only an earlier break above 0.9700 would suggest that we'll not see that final dip and would more likely risk a move back through to 0.9747-72 initially and after a pullback the next move should be follow-through to the 0.9842-77 area. Look for a bearish trade set up for a correction lower.
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