[B]Bias: [/B] I look for a rally to 84.00-20 but then lower again
The structure is really quite complex but I noted the rally to 84.86 developed in a way that suggests a second rally. This should initially stall around 83.65-78 and after a pullback that should find it tough to get below
83.50-58 will then target the 84.02-18 area. This area should cap if we are to see a final decline to the 82.66-86 target.
Thus, only above 84.20 will maintain the upward momentum through to 84.32 at least. Take care around here. Above extends through 84.54, 84.86-00 and towards the 85.27-38 area. Below 83.15 will imply a direct move to the 82.66-86 area where I suspect a major low and reversal higher. Any breach would imply extension to 82.41 and 81.69-84.
Please view the complete analysis on: [url]http://www.fx-forecaster.com/files/The_Brief_Daily_Forecaster128.pdf[/url]
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