[B]Bias:[/B] Yesterday's overall move appears to have completed a correction but I wait for confirmation of gains
As one of the alternatives structures I pointed out the 1.5920 resistance that would imply a return to the 1.5667 area. Well, that was seen almost pip-perfect. It was a corrective pattern and therefore the implication should be for further gains. There is close resistance at 1.5750 and as long as that breaks followed by 1.5795-15 we should see the rally extend back to the 1.5921 area. Somewhere in this area a correction is possible. However, the larger implication would be extension above the 1.5997 high to 1.6039-69 minimum and max 1.6127 before a larger correction lower.
That being said, I am not at all comfortable with the situation elsewhere which did not go to plan. However, yesterday's 1.5669 low acts as the clear reversal break. If seen then look for losses to extend through to 1.5607 at least. Take care there. Below are deeper projections at 1.5584 and 1.5547 en route 1.5478-97.
Please view the complete analysis on: [url]http://www.fx-forecaster.com/files/The_Brief_Daily_Forecaster126.pdf[/url]
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