The Daily Forecaster

[B]BIAS[/B]: I feel this can see a deeper pullback but not convinced we have seen the final low

[B]Resistance[/B]:... 1.5838........ 1.5862-69... 1.5890... 1.5910-30
[B]Support[/B]:........ 1.5772-85... 1.5757........ 1.5732... 1.5708-17

[B]MAIN ANALYSIS[/B]: The drop below 1.5770 saw extension below 1.5747 to 1.5732. However, the manner of the decline suggests we have not yet seen the final low. In the meantime this really needs a deeper correction before it can extend back down to a more appropriate target. Thus today should see the correction higher extend above 1.5838 and to the 1.5860-90 area (allow for the 1.58910-30 congestion area) and from here the downside can resume back down to the 1.5732 low but I suspect stall in the 1.5708-17 area. (I suspect we shall have to wait for that low to later in the week.)

[B]COUNTER ANALYSIS[/B]: Only an earlier break above 1.5930 and more importantly the 1.5953 high would trigger gains towards 1.6017 and possibly 1.6050-65.
Only a break below 1.5700 would see losses resume directly towards 1.5635-47 and then the 1.5602 low.

For more information regarding the support & resistance and medium term analysis please see the attached PDF file.

Good trading
Ian Copsey

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