The Daily Forecaster

[B]BIAS[/B]: While 1.3164-85 caps we should see a move down to 1.3024-55 at least

[B]MAIN ANALYSIS[/B]: Yesterday was pretty much a sideways day although marking a minor new low and then reversal higher. I still see this as part of the overall decline and this still points to the 1.3164-85 area as providing the important resistance. Ideally price should remain below here (and definitely below the 1.3241 corrective high) to retain the probability of seeing a final dip down below 1.3096 and to 1.3078 minimum. My favored target remains in the 1.3024-50 area - but allow for the 1.2974-92 area also.

[B]COUNTER ANALYSIS[/B]: Only a direct break above the 1.3180-85 pivot resistance would concern and perhaps suggest the recovery will develop more directly though final confirmation will only come on a break above the 1.3241 high. Once that is taken out we can expect to see 1.3280-85 and 1.3300-05 at least.
Only below 1.2974 would deeper the move lower with 1.2953 and 1.2911 also providing potential support.

For more information regarding the support & resistance and medium term outlook please see the attached PDF file.

Good trading
Ian Copsey

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