The Daily Forecaster

[B]Bias: [/B] Ideally the 1.4951 (max 1.4939) support will hold for gains to 1.5061-69 else see a dip to 1.4906-15 before higher

The rally came at long last and in trying to work out the route to the 1.52 target I feel we probably have maybe two more legs higher to come. The scenario I favor is a pullback to around 1.4951 (allow for 1.4939) which should be then followed by a rally back to the 1.5910-19 area again, a smaller correction and then follow-through to 1.5061-69. If this is seen then I'd expect a much deeper correction. If the 1.4939-51 area doesn't support then the 1.4905-16 area should. If this occurs then we should see the same type of move except the follow through after the retest of 1.5010-19 should extend directly to 1.5200-06... though will probably take a day or two.

Please note that the talk about the daily uptrend line in EURUSD is totally misleading as there was no valid trend line that support across key swing lows in the uptrend. This is why it did not hold - it should never have been drawn in the first place.

Equally, any suggestion that there is an uptrend line from 1.4626 is equally misleading as there has been only one corrective low since and as such any line is unstable and could lead to losses...

Please do not get tricked by faulty analysis.

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.