The Daily Forecaster

[B]BIAS[/B]: While 1.2857-76 caps there is still risk of losses to 1.2685

[B]Resistance[/B]:... 1.2857........ 1.2876........ 1.2895-05... 1.2923
[B]Support[/B]:........ 1.2815-25... 1.2795-05... 1.2776........ 1.2757

[B]MAIN ANALYSIS[/B]: Loss of 1.2860-66 provoked the follow-through to the 1.2814-27 area. We're seeing a correction that should remain below 1.2857-76 if there are to be further losses. While this caps we should see a return to this morning's 1.2815 low and later through 1.2776 - take care at 1.2757 - but keep in mind the next target at 1.2685. If seen this should provoke a correction of around 200 points. Also keep in mind the 1.2623 daily low.

[B]COUNTER ANALYSIS[/B]: Any earlier break back above 1.2880 would bring relief to the downside and allow some further gains. There is still yesterday's gap at 1.2895-05 to be overcome and if that is surpassed then we should see further progress through 1.2923 and up to the 1.2957-79 area. I think that will be well enough. If it breaks then it may well imply extension all the way back to last week's gap area at 1.3065-80.

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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