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[B]Bias: [/B]I can't rule out a test of the 1.1690-22 area but while it caps there is more downside risk

I was rather surprised with the reversal from 1.1431 which wasn't anticipated… The recovery makes it look like a complex correction and thus while the 1.1690-22 area caps I still feel the downside can develop. There is immediate support at 1.1555-69 and breach of this support would imply the correction is complete and would therefore trigger another leg lower that should extend through 1.1431-60 and down to the 1.1357 support. Take care here as I feel this will support. Also note the 1.1311 low.

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

Price dipped a little lower to the 1.2555 level but has seen a pullback from there. While the 1.2686 area caps I feel that we are more likely to see another attempt lower. A break back below 1.2612 will assist a return to 1.2555 and probably breach for the 1.2511-25 area. Take care around here as this could provide a whip back higher in a sideways consolidation. Below 1.2505 would approach the 1.2455 low again. Below there note the 1.2388 support.

For full analysis please open today's full report in PDF format.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted ...

Attached Files

• The Brief Daily Forecaster.pdf (67.2 KB, 139 次查看)

[B]Bias: [/B]While the 98.49-63 area caps I feel we should continue to see losses below 96.57

Losses dipped a little beyond my expectations but this should set up further losses. There is quite firm resistance around 98.49-63 which I feel will cap and generate losses through 98.10 and then down through 97.60 and 97.22 and back to the 96.57-80 area at least. Take care here as this could see a correction. Any deeper move lower will require breach of 96.57 which should maintain the downward momentum for 95.54-86 at least.

For full analysis please open today's full report in PDF format.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups ...

Attached Files

• The Brief Daily Forecaster.pdf (66.6 KB, 111 次查看)

[B]Bias: [/B]There seems a stronger risk of a sideways consolidation while overall I begin to feel more bearish

Failure to sustain the upside yesterday has forced a deeper pullback. I feel this is risking a sideways consolidation and possibly a more bearish structure. To rescue the bullish structure we're going to need one of two things. Either we get a direct break back above this morning's high at 139.55 and also 139.74 or we could suffer a pullback to 136.73-137.33 before a recovery. Thus watch the 139.55-74 area. If this break then look for a retest at 140.21-32 at least but take care again. This also needs to break to maintain the upwards momentum for a retest at the 141.49-77 highs. If seen there is a stronger chance of ...

Attached Files

• The Brief Daily Forecaster.pdf (68.5 KB, 143 次查看)