The Daily Forecaster

[B]Bias:[/B] Mixed - waiting for breaks with a break above 1.1585 seeing 1.1619-43

Price has remained in the 1.1452-1.1585 range and this still represents the breaks required for a stronger directional move. As long as EURUSD does move lower then I feel we shall finally have an opportunity to see the additional highs I have been considering. Above 1.1512 will assist back to 1.1542 and 1.1585 with follow-through anticipated to 1.1619 minimum and potentially 1.1643-66. Take care as I feel this should provide the top. Note next resistance at 1.1691 and 1.1741-74.

Any earlier loss of 1.1450 would appear to signal a retest of the 1.1418 low directly and probably breach for 1.1315-40 and max 1.1267-78. This should ...

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Bias: I feel the 90.62-96 area is going to be crucial

Clearly yesterday was not anticipated. It does open up a larger downside risk should the 88.13-21 lows break. There are a variety of possible complications and therefore it may be better to sit out and observe. If the upside extends further then the 90.62-96 area looks critical to me and I feel it will probably hold. If so then a renewed attack on yesterday's 88.97 low would be expected and after a pullback we should be watching for a test of the 88.13-21 corrective lows. Breach extends losses to 87.51-74 and possibly 87.05 (max 86.76 - dependent on where this correction stalls.)

If we see direct losses then take care around the 88.45-65 area which could ...

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Bias: In spite of my doubts price has shown a solid rally and this could resume today

I was too conservative yesterday and in fact the uptrend resumed directly. Indeed, I feel the correction is probably complete though be aware of the minor risk of a dip to 1.0374-02 again. More likely this should see another round of gains that should quickly move back to yesterday's 1.0536 high and then follow-through for 1.0587, 1.0611, 1.0651 and 1.0691 en route 1.0741-58 where a pullback is possible. Overall I feel this should reach the 1.0819 area.

Only a reversal below 1.0358-74 would undermine the bullish structure and cause a deeper pullback again. Then watch the 1.0296-20 support area followed by 1.0252 and 1.0211. ...

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[B]Bias: [/B] I expect further losses to 110.30-60 but then a reversal higher

Another pretty much perfect day in yesterday's analysis.

The 115.23-58 resistance area held firm and has provoked losses as expected. While any pullback from this morning's 111.27 low remains below 112.25-50 we should see follow-through below 111.27 and into the 110.30-60 support area. Look for bullish trade set ups here. Only directly below 110.30 would risk follow-through to 109.45 and 108.31-62...

Only an earlier break back above 112.50 would provoke a reversal higher sooner and then look for the 113.90-00 pivot resistance to be tested initially. It should cause a pullback. Above there note resistance at 114.54, 115.00 ...

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