Bias: I'm growing more towards a reversal . but care needs to be taken around 88.93-06
I can't say with great conviction that the downside has been satisfied but there are some supporting factors such as the bullish divergence in my hourly RSI. Still divergences do need confirmation and I don't think this comes price-wise until we've cleared the 88.93-06 area. I am therefore setting quite defensive areas to watch for set ups and this is one of them. If this is exceeded I feel the chances of seeing a stronger follow-through are higher. However, we may well find that the rally becomes a little choppy. There is some mild resistance in the 89.47-63 area and one to watch out for around 89.97... Of course above here would signal a test of the
90.77 high.
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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