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Since breaking the new high to 123300 and entering a significant pullback, the price action has been trapped in a range-bound battle, and this range-bound situation has lasted for more than half a month. In terms of the duration of the range-bound phase, a new one-sided move is approaching. If last week⑤ did not show a one-sided move and the highs and lows were perfectly parallel, with a range-bound interval, then a further decline today breaking the bottom and breaking through the parallel support would be different; this is a clear signal of a one-sided move. However, there is still the non-farm data tonight. The hawkish stance from Old Powell the day before could still lead to a rise, so the resistance remains strong. It is hard to say whether it can decline today; there have been too many false moves recently, and the price structure keeps changing. Although a one-sided move seems imminent, it hasn't materialized, which is forcing those chasing the one-sided move to be liquidated. But this is the closest it has been to a one-sided move...
The support below is not going down much, and before the non-farm payrolls in the evening, it is still a range-bound structure. We need to first consolidate to build momentum for the evening. Then we'll see the fundamentals in the evening. If it continues to weaken, it will first test 113750, and if it breaks, it will be around 111500. Overall, the support is dominant, providing a pullback to continue the support.