[B]Bias: [/B] I look for the rally to extend above 115.41-67 and to 116.58-89 before correcting lower
Gains continued yesterday as expected, falling just short of the 115.67 high but I feel this will break today. We'll still need to be careful around here but I can't see it providing too much resistance at this point. I actually see this extending up through 115.67 and to 116.10-26 minimum... but tend to fancy the 116.59-89 area more. Therefore, as price reaches the 116.10-26 area be aware of the potential for a bearish set up from there up to the upper resistance at 116.89. A deeper correction lower will then be due.
Only an earlier break below the 114.36-43 area would argue for the correction lower to develop more directly. Then look for losses down through 114.03 and to the 113.58 area and probably further towards the 112.82-00 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 available on the Daily Forecast page of my web site in the Trader Package review. (+65 pips)
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