The Daily Forecaster

[B]BIAS[/B]: The initial area to watch is between 0.9236-55

[B]Resistance[/B]:... 0.9222........ 0.9236... 0.9255........ 0.9270-90
[B]Support[/B]:........ 0.9170-80... 0.9155... 0.9120-30... 0.9091-00

[B]MAIN ANALYSIS[/B]: Friday's reversal higher broke above the 0.9120-30 break area and then even 0.9150-55. As warned, the fact it did implied a move back to the 0.9222 high. Here and at 0.9236-55 (possibly even 0.9274) there are projection areas and one of the two is likely to cause an approximate 50-60 point correction before another leg higher that could approach the 0.9334 high. Quite how the early development proceeds will obviously determine the final target. However, in the larger picture the more logical target should be as high as the 0.9360-70 area.

[B]COUNTER ANALYSIS[/B]: To break this bullish move we'll need a break below the 0.9155-70 area at the very least. If seen it should allow slippage towards the 0.9091-00 area where we need assess the reaction. Obviously that too will need to break to provide any chance of seeing losses back to the 0.9001 low...

For more information regarding the support & resistance please see the attached PDF file.

Good trading
Ian Copsey

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