Please note the move to a new high. Also note the three overlapping waves beginning with the move to 1010. Overlapping waves suggest some kind of strong force against the move, which may or may not end up exhausted.
After establishing a small trading range bounded by 105.2 and 104.9, prices broke through the bottom to 104.8, suggestive of weakness. They rallied to the top and fell off into an even smaller range before decisively breaking our low at 104.8. The move down had some ease of movement and the rally back to 104.9 had none. The day ended on the hinge after a lower low.
This is the intraday after breaking to a new high. The circled areas is that up down movement which in many ways replaces buying climaxes At 9:55 we break out to yet another new high and then promptly reverse with an outside key reversal bar at 10. Breaking the lower low at the turquoise line sets up a lower low and a potential downtrend. The downward trend is confirmed by the lower low at 2. Prices move down with some eom and in a sign of weakness make a lower low at 104.28( beneath the 3:10 low Thursday and ignoring the obvious reporting errors. The ens uing rally which has neither eom nor volume expansion ends at a lower low, 3. After breaking the small red line, making a lower low, the day closes in a potential new down move.
If the two previous sell-offs had not ended abruptly with sharp advances we would see much more clearly. A new high with a narrow bar on light volume with a lower close is bearish period.
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Please note the move to a new high. Also note the three overlapping waves beginning with the move to 1010. Overlapping waves suggest some kind of strong force against the move, which may or may not end up exhausted.
After establishing a small trading range bounded by 105.2 and 104.9, prices broke through the bottom to 104.8, suggestive of weakness. They rallied to the top and fell off into an even smaller range before decisively breaking our low at 104.8. The move down had some ease of movement and the rally back to 104.9 had none. The day ended on the hinge after a lower low.
This is the intraday after breaking to a new high. The circled areas is that up down movement which in many ways replaces buying climaxes At 9:55 we break out to yet another new high and then promptly reverse with an outside key reversal bar at 10. Breaking the lower low at the turquoise line sets up a lower low and a potential downtrend. The downward trend is confirmed by the lower low at 2. Prices move down with some eom and in a sign of weakness make a lower low at 104.28( beneath the 3:10 low Thursday and ignoring the obvious reporting errors. The ens uing rally which has neither eom nor volume expansion ends at a lower low, 3. After breaking the small red line, making a lower low, the day closes in a potential new down move. 
If the two previous sell-offs had not ended abruptly with sharp advances we would see much more clearly. A new high with a narrow bar on light volume with a lower close is bearish period.
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