[B]Bias:[/B] Mixed - waiting for breaks but with a more bullish bias if the 1.6494 resistance breaks
Loss of 1.6351-85 extended the decline to just below the 1.6322 support from where we have seen a modestly strong bounce. There is risk this could turn into a larger sideways consolidation and this would be signaled by a break above the 1.6485-94 highs. We'd still have to be careful at the 1.6515 Fibo retracement but overall I feel we'd likely see a choppy rally through 1.6551-84 and onto somewhere into the 1.6612-56 area. However, this should cap. Thus only above 1.6660 would return us to the 1.6720-45 area.
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.
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