[B]Bias: [/B] While 1.0244-66 supports I feel we shall move higher to 1.0346-88
before reversing lower
This has been a lot more choppy than I had expected but does seem on track to reach the 1.0349-88 area. I would prefer that we get an earlier pullback and while the 1.0323 high holds we can still see a move back into the
1.0244-66 support area. From there - or a direct break above 1.0323 we should then see extension to 1.0349 at least. Take care there. A more direct break higher could reach teh higher target. However, as soon as it breaks above 1.0349 look out for bearish reversal patterns. Only above 1.0388 would suggest a higher test at 1.0417 - max 1.0450-72.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.