The Daily Forecaster

[B]Bias: [/B] While 88.23 (max 88.45) caps I look for a move down to 86.51-70 before a deeper correction higher

The downside was the more vulnerable but stalled not quite where I expected but does appear to clear up some uncertainties. This should see the 88.23 resistance cap (allow for 88.45) and trigger follow-through lower back to
0.8696 and then the 86.51-70 area. Look for bullish trade set ups here for a deeper correction. Only below 86.50 would maintain the downtrend more directly with 86.10 and 85.87 the next supports.

Only an earlier break above 88.50 will maintain the bullish momentum for 89.10-20 and then the 89.76 swing high.

Please view the complete analysis in the attached ...

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[B]Bias: [/B] While 1.0705-17 supports I look for a recovery in a correction higher

This didn't quite move in the way I had expected but is currently very close to the 1.0717 target indicated yesterday. I see a slightly lower target at 1.1705 also. Ideally this should hold. I do have some slight concerns as the momentum picture is not looking particularly positive and to allow this support to hold we need a correction now and for the current low to hold until just before European open. This should allow a bullish divergence to develop. If this type of development occurs then we should be looking for a bullish trade set up in this area. If 1.1700 breaks then 1.0627-30 is the next major support.

Only an earlier ...

Attached Files

• The Brief Daily Forecaster.pdf (86.5 KB, 101 次查看)

[B]Bias: [/B] I prefer a correction down to the 1.0448-78 area before another stronger rally

Well, I had wanted a rally by the end of the day and in the true spirit of this currency pair it rushed higher without much of a pause. We are due a pullback and ideally this should move down to 1.0470-78 minimum and preferably 1.0448. Look for bullish trade set ups in this area for the next rally which could be as strong as yesterday's. The only caution to note is the possibility that the correction could extend sideways before the rally.

Directly above 1.0576 & 1.0608 would push price up to 1.0677-83 and eventually 1.0753. Below 1.0440 would deepen the pullback below 1.0400-15 to 1.0365 with the 1.0320 below that. ...

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• The Brief Daily Forecaster.pdf (86.9 KB, 72 次查看)

[B]Bias:[/B] Mixed - waiting for breaks

Every time this looks as if it's going somewhere, it doesn't. Ideally I'd like this to correct lower more deeply but the structure of the decline looks a bit stretched in the very short term. It may well be that we're seeing a recycling of the correction from 0.87o6-0.8743 and thus take a good look at momentum when price approaches this area again and look for bearish trade set ups. A move down below the 0.8691 low would extend losses through 0.8665-80 and down to 0.8633 at least, possibly even 0.8595-05.

Only a break above 0.8760 would imply a move back to the 0.8775 high and probably further which would tend to imply a move back closer to the 0.8858 high.
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Attached Files

• The Brief Daily Forecaster.pdf (86.2 KB, 77 次查看)