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[B]Bias: [/B] I look for losses to 0.8832 initially and later 0.8787

The recovery stalled a little earlier than expected and breach of the 0.8972 lows provided the trigger for resumption of the downside below the 0.8895 low. This should now extend to the 0.8832 from where I'd expect a correction. This should hold below the 0.8895-10 area. From there look for losses to move back down to the 0.8832 area, a minor pullback and then to the 0.8787 projection target. That should be enough on the day and should trigger a slightly longer lasting correction. Just note below 0.8787 is 0.8735 & 0.8704 en route the next larger target at 0.8657.

Only back above 0.8910 and 0.8936 will imply a deeper pullback higher and a potential ...

Attached Files

• The Brief Daily Forecaster.pdf (33.2 KB, 86 次查看)

[B]Bias: [/B] I feel the risk has been confirmed as higher now. just need a break above 118.63

Break above 117.75-96 has confirmed 116.47 as the corrective low and thus we should be seeing stronger gains emerge. Until the 118.63 area breaks we do have to be a little cautious about and initial pullback. A direct break above 118.70 should trigger follow-through that has potential for 120.10-30 and stronger resistance at 120.64-84. Take care here as this could cause a mild pullback before extending to the 121.50 corrective high. This has slightly stronger potential for a correction. Next larger resistance is around 122.72...

If price remains below 118.63 then we could see an earlier pullback before price can extend ...

Attached Files

• The Brief Daily Forecaster.pdf (33.3 KB, 93 次查看)

[B]Bias: [/B] Cautiously I look for losses to resume.

We did see gains yesterday and slightly more than expected, seeing a break above the 0.9711 resistance but not the 0.9720 break. The reversal was sharp and I therefore suspect we have seen the full extent of the correction and thus we should be concentrating on the downside. The problem we face is that we appear to be mid-wave and while I suspect this could generate initial losses to 0.9222-32 and potentially the 0.9584 lows again I feel a correction is probably due before stronger follow-through.

Thus, the key to the downside is a breach of the 0.9584 low. Once this is seen then we can expect extension lower to the 0.9526 low - and later much lower below ...

Attached Files

• The Brief Daily Forecaster.pdf (33.1 KB, 90 次查看)

[B]Bias: [/B] I'm not convinced with the gains seen and feel we'll see losses today.

No losses on Friday but gains that still fell just short of the 1.0580 high. I am wary of one last attempt higher towards the 1.0580-07 area (max 1.0625) and more in favor of losses over the day as I just can't fit the ragged move higher from 1.0389 into a bullish structure. A move below 1.0500 would really help and trigger losses through minor support at 1.0483 followed by 1.0428-52... As long as this breaks then a recycling down to the 1.0389 low and possibly just a touch more. Cautiously I feel we should be looking for bullish trade set ups around here again.

Only a direct move above 1.0580 and then 1.0608-25 would prove me ...

Attached Files

• The Brief Daily Forecaster.pdf (32.8 KB, 87 次查看)