Commentary: We wrote yesterday to “look for support in the .9516/88 zone (weekly pivot zone).” The low today was at .9588 and price may be turning higher for a test of at least .9734. The structure of the decline from .9734 looks like a larger B wave. The individual legs of the decline are all in 3 waves and the decline itself is in 3 waves.
If this is a B wave, then price is likely to exceed .9734 before bearish potential comes to the forefront. There is the possibility that this is a more significant low as well but there is no evidence of a turn yet.
Strategy: Bullish against .9589, target .9734