The Daily Forecaster

[B]BIAS[/B]: The 105.30-47 area looks like holding for a correction higher at least

[B]Resistance[/B]:... 106.00-10... 106.32-54... 106.85... 107.47
[B]Support[/B]:........ 105.30-47... 104.95-05... 104.56... 104.29

[B]MAIN ANALYSIS[/B]: The failure to break above 107.80-90 and the subsequent break below 106.30-45 took price down to the 105.34-64 target. I feel this will hold and generate a correction higher at the very least. Whether it's the final low obviously very much depends on the balance between EURUSD and USDJPY. I still see potential losses in USDJPY so much depends on whether EURUSD can stage a pullback higher directly. First key resistance is at the 106.32-54 corrective high that should provide a pullback. If it reaches the 106.54 corrective high and corrects it should be shallow and then turn higher and back to the 107.47 corrective high. In turn that also needs to break to see price clear above the mess to reach the 108.60-70 pivot resistance.

[B]COUNTER ANALYSIS[/B]: At this point, only below 105.30 would extend losses through support at 104.95-05 at least and possibly 104.56-76. Only breach would see this extend down to the 103.90-49 area. Take care here. Ideally this should form a base for a reversal higher. At an extreme the 103.25-30 area also provides support...

Good trading
Ian Copsey

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