The Daily Forecaster

[B]BIAS[/B]: Odds seem to favour a sideways consolidation but could be messy but I retain a basic bearish outlook

[B]Resistance[/B]:... 1.5704... 1.5728... 1.5744... 1.5767-77
[B]Support[/B]:........ 1.5674... 1.5653... 1.5636... 1.5595-17

[B]MAIN ANALYSIS[/B]: Losses developed as preferred but the move has been rather messy and has a certain ambiguity about it but more in terms of whether we see a pullback higher, a deeper dip but then correction… or just a plain correction higher. Thus, it's a day to be aware of all possibilities but overall I don't see this extending strongly in either direction. I don't see the 1.5636 swing low being broken just yet. In the meantime this could see a drift back higher but probably stall between the 1.5728-44 area before the downtrend resumes. Thus, take care today.

[B]COUNTER ANALYSIS[/B]: A direct break above 1.5744 would risk 1.5767-77 of course, but that does still need to break to trigger a more bullish impulsive rally that would then extend to 1.5819 at least and possibly 1.5849. This area should trigger a correction but once complete would still imply higher highs...
A direct break below 1.5636 should see losses extend through 1.5595-17 and to the 1.5575-82 area at least. Also note minor support levels at 1.5550 and 1.5520...

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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