[B]Bias: [/B] On balance this still looks bullish while 0.9090 supports - above 0.9127-42 extends to 0.9173 at least
The 0.9023 Fibonacci support held well yesterday and the rally from there has been very positive. This looks like extending to the 0.9142 high at least and if there is any chance of finding a continuation pattern around the 0.9127-42 area it will assist in generating a buying level. However, we do have to be careful at the next closest resistance at 0.9173. There is a valid projection here and is just below the 0.9180 corrective high so I can't rule out a reaction here. Ideally it should be brief and allow the rally to extend to the 0.9198-0.9214 resistance zone and I favor the higher level. However, here I will expect a correction if seen directly. Next resistance is at 0.9241-66.
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 along with a review of the new low-cost Trader Package.
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.