There is a focus on the downside and prior structure.
The price is well into the bear’s lair at this juncture and a downside correction would be expected imminently. The Fibonacci retracements are in focus with the 38.2% Fibo inline with prior market structure looking left near 75 the figure.
With all that being said, there could be an exodus from emerging markets if the US dollar continues its northern trajectory, but that may well depend on the next few days of data events that include US Consumer Price Index, Federal Open Market Committee minutes and then Retail Sales data on Friday.
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