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The Daily Forecaster
Mon, Mar 16 2009, 02:49 GMT
by Ian Copsey
FX-Forecaster.com | View company's profile
| Resistance: | 127.26-40 | 127.63 | 127.92 | 128.62-68 |
| Support: | 126.25 | 125.52-60 | 125.16 | 124.67 |
.
Bias: I look for a retest of 127.63 and while any pullback remains above 126.50 for gains to 128.62-68
Daily Bullish
We saw gains reach the 127.66 minimum target from where we have seen a correction. This remained above 125.52 and thus we should be seeing the last leg higher in the rally. Today should see a retest around the 127.66 area but should generate a correction back to the 126.50-60 area. From there look for the final leg higher to the 128.62-68 target where I feel a larger reversal lower is possible. Only above 128.80 maintains the upward momentum for 129.69...
Medium Term Bullish
13th March: 13th March: Price has taken a rather unusual route but does seem to imply that we should see the final attempt towards the 128.18 minimum target and probably the 128.70-90 area.
Daily Bearish
I feel the best selling opportunities will come at 127.60-70 for a correction back to 126.50-60 and as long as this generates a move to 128.62-68 I feel a long term cap should be seen and thus a strong opportunity for a topping pattern to confirm losses. Only an earlier break below 126.50 and then this morning's 125.52 low would imply a sooner reversal lower. If this breaks then look for follow-through to 124.00 (take care) and probably all the way back to the 121.71-122.10 lows...
Medium Term Bearish
10th March: We are close to a break lower - although there still seems more risk of a move to 128.88 at least - may be further. If the 121.71-10 area gives way then the upside is exhausted and should cause stronger losses.
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 Mon, Mar 16 2009, 02:55 GMT
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Legal disclaimer and risk disclosure
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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