The Daily Forecaster

[B]BIAS[/B]: While 0.9821-33 caps there is risk of a deeper correction

[B]Resistance[/B]:... 0.9821-31... 0.9855... 0.9873... 0.9893
[B]Support[/B]:........ 0.9769-80... 0.9737... 0.9705... 0.9668-78

[B]MAIN ANALYSIS[/B]: While we did see a new high on Friday the high was only 2 points above the 0.9871 projection and from there a reversal lower has been seen below the 0.9821-31 support identified on Friday. This may now turn into resistance and while it caps the downside risk could extend to the 0.9737-69 area initially. Take care here as this should trigger a pullback at least - and I can't rule out a resumption of the upside. However, do also note the 0.9705 area and 0.9668-78 support.

[B]COUNTER ANALYSIS[/B]: A direct break above 0.9835 may well resurrect the uptrend directly although it would be best to remain cautious until the 0.9873 high is broken. If seen then also take care around 0.9893 but the risk will then begin to turn higher for 0.9954-75 at least and may just push above 1.0000...

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

Good trading
Ian Copsey

[B][URL="http://harmonicelliottwave.blogspot.jp/"]HARMONIC ELLIOTT WAVE BLOG[/URL][/B]