The Daily Forecaster

[B]BIAS[/B]: We should see the broad 1.5553-81 area support for a correction to 1.5620-40 before lower again

[B]Resistance[/B]:... 1.5610-25... 1.5640........ 1.5685-90... 1.5705
[B]Support[/B]:........ 1.5581........ 1.5553-63... 1.5521........ 1.5505

[I]MAIN ANALYSIS[/I]: The 1.5737 high appears to have been the final high with the drop below 1.5674 triggering losses that still seem to have a little more to go. The minimum downside target is at 1.5581 but allow for 1.5553. Probably the higher end of this range will support and trigger a correction higher back to 1.5610-25 minimum and could see as far as 1.5640-60. Once this correction is complete the downtrend can resume and move back below the 1.5553-80 ...

Attached Files

• The Brief Daily Forecaster.pdf (87.4 KB, 61 次查看)

[B]BIAS[/B]: While 1.2240-55 supports we should see further gains above 1.2317

[B]Resistance[/B]:... 1.2292........ 1.2317-33... 1.2364... 1.2385-04
[B]Support[/B]:........ 1.2242-55... 1.2216........ 1.2188... 1.2162

[B]MAIN ANALYSIS[/B]: While price reached the initial 1.2298-10 area and corrected back to 1.2250-60, it failed to hold on the second attempt and dropped to 1.2216 from where it has made further gains. There is resistance around 1.2292 that should represent resistance in a triangle to provoke one last dip to the 1.2242-55 area. This should then be the last leg of the triangle and from there expect a push above 1.2292. We should take care at the 1.2333 corrective high just in case this ...

Attached Files

• The Brief Daily Forecaster.pdf (86.8 KB, 75 次查看)

[B]DAILY STRUCTURE[/B]
[IMG]http://i1079.photobucket.com/albums/w514/HarmonicElliottWave/FXS1-5.jpg[/IMG]

[B]12th June[/B]:
The Wave (b) came more directly than I had considered but stalled precisely at the 38.2% retracement at 1.2667. Thus we should now see Wave (c) of Wave (iii) develop that should drop below 1.20

[B]HOURLY STRUCTURE[/B]
[IMG]http://i1079.photobucket.com/albums/w514/HarmonicElliottWave/FXS2-5.jpg[/IMG]

[B]17th July[/B]:
The decline in Wave -a- extended to the 1.2162 low on Friday and we finally appear to be mapping out a Wave -b-. This may be limited initially to the Wave b of Wave v around 1.2324-33 but the way this is now developing I suggest we should ...

Attached Files

• The Brief FX & Metals Weekly Harmonic Analyst.pdf (338.8 KB, 51 次查看)

[B]BIAS[/B]: While 0.9821-33 caps there is risk of a deeper correction

[B]Resistance[/B]:... 0.9821-31... 0.9855... 0.9873... 0.9893
[B]Support[/B]:........ 0.9769-80... 0.9737... 0.9705... 0.9668-78

[B]MAIN ANALYSIS[/B]: While we did see a new high on Friday the high was only 2 points above the 0.9871 projection and from there a reversal lower has been seen below the 0.9821-31 support identified on Friday. This may now turn into resistance and while it caps the downside risk could extend to the 0.9737-69 area initially. Take care here as this should trigger a pullback at least - and I can't rule out a resumption of the upside. However, do also note the 0.9705 area and 0.9668-78 support.

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Attached Files

• The Brief Daily Forecaster.pdf (86.5 KB, 64 次查看)