[B]Commentary[/B]: “There is no sign yet of a reversal but the long term structure indicates reversal potential. Price has touched the resistance line from the ending diagonal. A terminal thrust through the line is possible but strength should prove temporary. We expect a reversal, and soon.” The near term strucutre certainly allows for a new high (above 2.0365) as the decline from 2.0365 is in a corrective 3 waves.
That corrective 3 waves could also be just the first wave of a complex correction. A short term bullish bias is warranted above 2.0261, but strength above 2.0365 will likely be marginal. Coming under 2.0261 exposes former congestion at 2.0243. Similar to the EURUSD, we could very well see a move back to the former 4th wave at 2.0056 next week. However, until we see impulsive bearish price action, we will remain on the sidelines. [B]Strategy[/B]: Flat