The Daily Forecaster

[B]BIAS[/B]: While we need to be aware of a sideways consolidation, 110.62 should support for a rally to 112.80

[B]Resistance[/B]:... 111.25... 111.43-59... 111.82........ 112.09
[B]Support[/B]:........ 110.53... 110.34........ 109.80-85... 109.40

[B]MAIN ANALYSIS[/B]: The rally stalled 1 point above the low of the 111.24-59 projection area that then corrected lower to just below 109.75 but should not get lower than 110.36-53. It has already done enough to satisfy this correction so expect the upside to develop once again. I feel this is more likely to reverse higher to move back close to the 111.25 high and probably the 111.43-59 area for a pullback and then extend to the 112.80 projection target. This ...

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[B]BIAS[/B]: While 1.0490 supports I feel this can progress to 1.0560-80

[B]Resistance[/B]:... 1.0545........ 1.0560-80... 1.0600-05... 1.0636
[B]Support[/B]:........ 1.0490-06... 1.0458-65... 1.0426-38... 1.0410

[B]MAIN ANALYSIS[/B]: The areas I outlined to look for a base - between 1.0390-25 - and resistance - at 1.0526-55 - seemed to work well. I don't think this has completed the current intermediate move higher but the first thing we should see is a pullback to the 1.0490-60 area from where a further rally towards 1.0545, but this time a shallower correction and then to 1.0560-80. Expect a deeper correction from there.

[B]COUNTER ANALYSIS[/B]: Only back below 1.0480 would risk deeper ...

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[B]BIAS[/B]: Cautiously I feel this will extend gains

[B]Resistance[/B]:... 1.5887... 1.5908-22... 1.5940... 1.5958-84
[B]Support[/B]:......... 1.5850... 1.5825........ 1.5805... 1.5770

[B]MAIN ANALYSIS[/B]: Price rallied firmly to 1.5908 but also saw a slightly deeper than expected pullback to 1.5820. However, I cautiously feel that has broken the potential for deeper losses and more likely, while the 1.5850 area supports it would tend to suggest a break above 1.5887 for gains to extend through to the 1.5922 high for a shallow pullback and then extension to the 1.5970-84 area from where a correction lower should be seen. Also note potential resistance at 1.6009 & 1.6032.

[B]COUNTER ANALYSIS[/B]: ...

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[B]BIAS[/B]: Cautiously I now look for this to rally again

[B]Resistance[/B]:... 82.76-95... 83.15........ 83.35-58... 83.96-17
[B]Support[/B]:........ 82.32....... 81.65-85... 81.46........ 81.25

[B]MAIN ANALYSIS[/B]: At long last, the losses I had been looking for but just a little more than I had expected. However, having looked at the hourly development I feel there was a slight misjudgment earlier in the rally from 80.58 and the change made the 82.32 low perfect. Thus, as long as 82.32 does not break we should now see the uptrend develop. The early stages should see the 81.76-95 area cause some minor corrections. However, once overcome and the 83.15 swing high is broken we should see acceleration ...

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