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[B]Bias: [/B] I feel we are now close to a stronger break higher - 1.1649 should now support

Price remained in a very frustrating tight range over Friday and yesterday and this has made the wave structure very difficult to identify. However, this morning's break back to 1.1719 does have the look of a stronger attempt at the upside. I feel we may just see a pullback from the 1.1720-40 resistance but while any pullback remains above 1.1649 (allow for 1.1625) I feel we shall soon see a break above 1.1720 & 1.1780 to push price all the way to 1.1860 minimum and more likely 1.1914.

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[B]Bias:[/B] It seems we still need to wait for losses of 1.2705 to generate losses - until then take care

Loss of 1.2784 provided the dip into the 1.2710-35 area which provoked quite a solid bounce which eventually reached the 1.2905 level. I suspect we're going to see a deeper correction from this peak but while it remains above 1.2790-10 it may still be possible to talk about a deeper correction higher. However, if this is the case then the risk will be for quite a solid move. Above 1.2905 - take care at 1.2949 - breach extends to 1.3000 - care - a further breach would maintain the upside for 1.3060-96. Should be enough for today...

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Attached Files

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Bias: While 90.75 caps a break below 89.71 should extend to 89.09 and 87.80 else see a marginal new high

Only mild follow-through seen yesterday but the correction to 90.75 provided what could be a complete correction. There is minor support at the 90.15 pivot support which it has seen this morning. Breach should extend losses to yesterday's 89.71 low where loss should open up quite a solid decline - so beware. If seen then expect a minimum move to 89.09 but I suspect further. It has to cut through the congestion area that has a base around 88.50 and as long as it manages this then today's target should be 87.80. Below is the 87.10 low.

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Attached Files

• The Brief Daily Forecaster.pdf (64.8 KB, 102 次查看)

[B]Bias:[/B] While 1.2335 supports the next move should be higher to above 1.2518

Gains were seen yesterday that extended beyond the 1.2424-49 resistance to 1.2491. This does seem to have triggered a stronger rally but the first move today should be a pullback. While this remains above 1.2335 we should then see gains push above 1.2455 back to the 1.2491 high and beyond for 1.2538-47 at least. Take care here as this old high could cause a small correction. Above 1.2547 extends directly to the 1.2645-76 area at least.

For a detailed explanation of how to use the report please see the Analysis page of my website.

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

Attached Files

• The Brief Daily Forecaster.pdf (65.7 KB, 122 次查看)