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The Daily Forecaster
Wed, Mar 11 2009, 03:48 GMT
by Ian Copsey
FX-Forecaster.com | View company's profile
| Resistance: | 1.1617 | 1.1649 | 1.1690-22 | 1.1749 |
| Support: | 1.1566-79 | 1.1525 | 1.1482 | 1.1431 |
.
Bias: I can't rule out a test of the 1.1690-22 area but while it caps there is more downside risk
Daily Bullish
The break of 1.1531 provided losses that broke through 1.1453-60 but then stalled at 1.1431. The recovery from there has been quite firm and I can't rule out this seeing one final move to the 1.1690-22 area. However, if there is to be any further strength then this area must break. If seen then look for follow-through back towards 1.1749 and the peaks around 1.1790-10 en route the 1.1847 & 1.1883 peaks.
Medium Term Bullish
9th March: Friday's losses are more encouraging for the downside and this should limit any upward corrections. Only back above 1.1810 would cause a further test at 1.1883 and even then we'll need to watch for where the overhead trend resistance lies.
Daily Bearish
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.
Medium Term Bearish
9th March: It looks like we are finally on our way lower and while 1.1646-65 caps look for follow-through below 1.1483 and onto 1.1357 and later to 1.1262 minimum, possibly as deep as 1.1163.
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 in the report are now available on the Daily Forecast page of my web site.
Published on Wed, Mar 11 2009, 03:52 GMT
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The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.Related reports
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