The Daily Forecaster

[B]BIAS[/B]: We should have seen the high but take care while the correction develops

[B]Resistance[/B]:... 0.9698........ 0.9710-15... 0.9740-45... 0.9771
[B]Support[/B]:........ 0.9670-75... 0.9638........ 0.9620........ 0.9590-05

[B]MAIN ANALYSIS[/B]: It's not often we see a Wave v of 90% - but that's what we had and took the daily Wave -iii- to the 190% projection at 0.9771. However, that should be it and now we need consider the correction in Wave -iv-. I feel the 0.9710-30 area should be the maximum we see today but overall we need take care as this could be quite a complicated pullback. Before we can safely say we're moving lower the 0.9610-20 area needs to break. Until then we can still see a recycling back to the 0.9710-30 area... Below 0.9610 we even have a retracement support around 0.9590. However, I suspect this could move down to the 0.9529-58 area...

[B]COUNTER ANALYSIS[/B]: Any earlier break above 0.9792 would maintain the rally through 0.9825-46 and potentially 0.9866-75. If this is seen it would imply an even stronger bullish move overall but may still cause a correction lower.

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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