[B]MAIN ANALYSIS[/B]: I continue to feel that the 81.00-06 area is important. That it was not touched yesterday does not rule out direct recycling higher. Above the 81.80-85 pivot resistance will raise the risk of this developing. If seen it should encourage gains through to 82.35-55 and perhaps around 82.76 enroute the 82.99-20 area. Watch this area since as long as this caps we can see further losses. Above 83.38 would trigger stronger gains and back towards the 84.17 high.
[B]COUNTER ANALYSIS[/B]: Thus, any direct break below 81.00 would see price edge lower and closer to the 80.58 corrective low. However, as we approach these levels I recommend taking care. The general area between the 80.01 & 80.58 corrective lows does still seem to provide a strong risk of completing this correction. We should also keep in mind the 79.80 and 79.39 supports. Once this correction is complete expect a stronger reversal higher.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.