The Daily Forecaster

[B]Bias: [/B] I'd prefer a correction to 110.60-83 before the next leg higher

Yesterday's rally was more direct than expected but stalled 6 pips above the
112.44 target. We have see a correction but I'd actually like to see this move a little deeper. To provoke this we shall need price to break below the 112.00-10 pivot support followed by the 111.80 low which should then extend the correction back to 111.31 and possibly the 110.60-83 support. Look for a bullish trade set up here. From this support - or a direct break above 112.50-75 I will look for the uptrend to extend to the 113.40-51 resistance. Take care there and watch for a bearish trade set up...

Only a break above 113.60 would concern and suggest ...

Attached Files

• The Brief Daily Forecaster.pdf (88.0 KB, 132 次查看)

[B]Bias: [/B] While 1.0502-12 caps I look for extension to around 1.0370

Very clearly the upside did not work and this morning, since writing the general outlook, price has broken below the 1.0466 low to confirm an alternative structure. Right now we are on top of support at 1.0432 and I feel this could well cause a pullback to 1.0466 at least and probably the 1.0502-12 area. Look for bearish trade set ups there for losses back to
1.0432 initially and then to the 1.0360-80 area. Look for bullish trade set ups here for a correction higher.

Only an earlier loss of 1.0350-60 would concern and extend losses more directly through the 1.0320 swing low and down through 1.0265 to the 1.0201-35 area. Take care ...

Attached Files

• The Brief Daily Forecaster.pdf (88.0 KB, 74 次查看)

[B]Bias: [/B] This does look like it will end the day lower.

Price failed to penetrate the 1.5226 high and this is beginning to turn the tide against the upside. Any drop below the 1.5129 low should extend losses to 1.5102. Take care here as a pullback is possible ahead of follow-through to 1.5050-60. This is important support if there is any potential for renewed strength. Breach would condemn price to stronger losses through
1.4991-26 and probably to the 1.4957-70 area. Look for a correction there. Overall this will imply eventual extension back to the 1.4872 low...

Only a break back above 1.5175 would risk a return to the 1.5226 high and then through to the 1.5285-95 resistance. I think this would cap. ...

Attached Files

• The Brief Daily Forecaster.pdf (87.1 KB, 98 次查看)

[B]Bias: [/B] While there is early risk of seeing 1.2413-42 this should support for a move to around the 1.2670 high

The break above the 1.2571-87 resistance area has highlighted the larger bullish rally has resumed. The current pullback should hold above 1.2413-42 to generate follow-through back above the 1.2513 pivot resistance (which should cap any initial correction in early trading) and then the 1.2557 corrective high to extend gains back to the 1.2610 high and later reach the 1.2631-53 area minimum and at most 1.2670-92. I feel this will cap and cause a deep correction. Only above 1.2700 would maintain the bullish momentum for 1.2745, 1.2818 and 1.2883.

Only an earlier loss below 1.2400-10 would concern ...

Attached Files

• The Brief Daily Forecaster.pdf (87.1 KB, 81 次查看)