| Resistance: | 103.28-39 | 103.53 | 103.80 | 104.31-40 |
| Support: | 102.70 | 102.12-30 | 101.65 | 101.14-45 |
BIAS: I feel we could see a poke up to 103.53-80 before seeing a correction lower
MAIN ANALYSIS: Gains extended above 103.12 but only as far as 103.28. From what I can see of this the implication appears to be for a move up to 103.53-80 but to end this part of the rally and provoke a correction lower. From there I suspect a correction that should initially target the 102.15-30 area for a pullback. Later look for as low as 101.14-45...
COUNTER ANALYSIS: Only directly above 103.85 would see a more aggressive extension, potentially above 104.31-40… then take care and note the 104.87 projection and also the 105.40-69 area.
For more information regarding the support & resistance and medium term outlook please a see the attached PDF file.
Good trading
Ian Copsey
WEEKLY FX / METALS REPORT AVAILABLE
