The Daily Forecaster

[B]BIAS[/B]: The initial burst higher has been seen and the upside should now be more choppy

[B]Resistance[/B]:... 0.9270........ 0.9290... 0.9310... 0.9334
[B]Support[/B]:........ 0.9233-47... 0.9210... 0.9190... 0.9175-80

[B]MAIN ANALYSIS[/B]: The break above the 0.9167-89 target area has reached the bottom end of the next resistance at 0.9270-90. This has a chance of seeing a pullback to the 0.9233-47 area at least that could provide the launching pad for the next rally above 0.9270 to 0.9320-40 from where a further correction is likely.However, take care as there is some ambiguity and take a long look at the 0.9233-47 area to ensure it will hold else the alternative is a pullback to around 0.9210 (allow for 0.9190-00) as this would imply the next leg higher should be the last - and still target the 0.9360-70 area...

[B]COUNTER ANALYSIS[/B]: Only an earlier break below 0.9233 would risk a dip down into this morning's gap and probably around the 0.9180-00 area for a reversal higher. Only below would risk even stronger losses and back through 0.9145 & 0.9125 to 0.9090-95 at least.

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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