It is interesting to note that while the forward contracts have sold down to a new all-time lows, the spot market contract has not.
The current low set in the spot market on December 4th at 3.638 held above the previous spot contract low of 3.541 set last October.
A bullish “higher low” may be forming but it is still too early to tell.
A drop under the 3.541 October low is needed to keep the recent downtrend intact.
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