Even though there was clear resistance at 0.99, the 5/29 session failed to close above 0.9850. As noted in the previous update, this was a sign that the market held the bearish bias and wanted to test the resolve of the 0.98 support, which did occur in the Asian session. This support then broke, and was tested as resistance before confirming the break out and falling throughout the European session. We have another spike pre-US session that was rejected at 0.9790, basically confirming the resistance strength of 0.98, as the 0.97 psych support and last week’s low near 0.9690 become the short-term target... (full story)