We did see a break above the reflex point at 0.8277 but failed to see a follow-through, which has evolved into extended downside pressure and we are now sitting at my second downside target at 0.8227. We could still see a small spike below this target, but the downside potential should be very limited from here. Short term I would like to see a break above minor resistance at 0.8249 and more importantly a break above resistance at 0.8285 as confirmation that wave 2 finally is in place and wave 3 higher towards at least 0.8473.
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