FIL · 1H · DOWNTREND

The entire structure from early July tells the story — FIL printed a series of lower highs and lower lows across the full month, peaking around 0.8300 and grinding down to a capitulation wick near 0.6500 around July 28. What I'm looking at now is a sharp snap-back rally from that wick — price ripped from 0.6500 back up to the current 0.7155 area, but that move reads as a relief bounce inside a broken structure, not a reversal. The bounce has already stalled right at the prior consolidation zone between 0.7100–0.7200, which was support before becoming resistance. My read is that this is a dead-cat bounce into supply, and I'm not chasing the long side — I'm waiting to see how price handles this zone before committing. The news context available gives me no macro catalyst to change the technical picture, so I'm reading this purely off structure, and structure is still bearish.