Update - Thursday 6th February

It looks as if the set-up I was looking for has begun. The price never could manage to sustain it's run and settle above the PP.

With the red below the blue the two big defenders repelled the price, which is now back below the averages with the green beginning to fall below the red also.

This is not yet an indication to get trigger-happy. Between the blue and lilac ema's, which are still bullish - is always a tricky area with indecision from both buyers and sellers, but with evidence yesterday of some fatigue a drop below 9.840 will see this fall further.

I will stay on until 2pm and see if this situation pans out. If the 1m chart shows a promising set up I will post that in a short while.