If I understood you well, I think that what you need is something like that:
That means, inside the loop, you create an If statment that checks some value inside the excel then goes inside the IF or straight to the Else.
The hard thing here is that you want to update the excel file each time. That should be where the "Note: important!" is. But you can not do this without using a script routine. This script will be hard to create but you can check this page Write data to MS file.
Instead of using a excel I recomend you to usea a Project Table (or Local Table). you can update the values inside the table using the keyword Operation: "Set Variable Value"
Even so, I trully recomend you to rethink your test strategy in order to find the easiest way.
Hope this helps.
