[B]Bias: [/B] Mixed - waiting for breaks as there is potential for a sideways consolidation
Yesterday's losses ended quickly and forced a pullback higher that looked strong enough to push to new highs. However, it has backed off from the 0.9174 area and before we can be certain of follow-through higher the 0.9174-89 peaks must be taken out. While a bullish stance is still valid the 0.9118-28 area must support. Thus, only if seen look for follow-through higher that would then extend above 0.9208 and probably to the 0.9242 area. Expect a correction here. After the correction is complete the 0.9295-0.9321 area is the target.
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.