BIAS: While 0.8950-60 caps we should see losses to 0.8889 and allow for 0.8852 before a correction higher
MAIN ANALYSIS: Price performed perfectly to 1 point below the 0.8944 target followed by a correction to the 0.8965-85 area. From there we have seen a move down to just above the 0.8889 and we're now seeing a correction higher. This should cap around 0.8950-60 before extending losses to the 0.8889 projection from where a correction is likely. However, do still keep in mind the deeper projection at 0.8852. Consider momentum as the higher target is approached and watch for a pullback higher.
COUNTER ANALYSIS: Only directly back above 0.8983 would suggest a more direct deeper correction higher noting 0.9010-15 at least. Also note the 0.9030-49 resistance. In turn that will need to break to see the 0.9110 high retested.
MEDIUM TERM ANALYSIS:
6th December: Price reached the 0.8965-85 target area from where a correction did develop but, as suspected, could move back to even reach 0.9075 - 0.9110. The high at 0.9049 completed that correction and thus we are now in a further decline that should reach 0.8889 and possibly 0.8852 before another correction.
Only back above 0.9049 and 0.9130 would extend gains back to 0.9195 and then 0.9249...