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The Daily Forecaster
Tue, Jun 30 2009, 03:50 GMT
by Ian Copsey
| Resistance: | 1.6631 | 1.6662-79 | 1.6715 | 1.6755-80 |
| Support: | 1.6585 | 1.6542 | 1.6507 | 1.6468 |
Please read the attached PDF file to ensure that you receive the full analysis...
Bias: I suspect we'll see losses today towards 1.6277-1.6313
Daily Bullish
Losses didn't manage to follow-through yesterday and this has pushed price higher towards the 1.6631-62 highs. Indeed, a test of the 1.6662-80 area does look likely. However, I am aware of the hourly bearish divergences and I really don't think we'll get a powerful follow-through today. Thus, only a break above 1.6680 would trigger more direct gains than expected and if seen it should allow gains to reach 1.6755-80 and possibly the 1.6834-49 target.
Medium Term Bullish
26th June: Well, we saw losses but the manner of the decline looks corrective and until the 1.6188-1.6232 lows are broken there is still risk of follow-through higher to the 1.6840-50 favored target area.
Daily Bearish
While the risk of a stronger rally to 1.6850 is possible I feel this will not come in one move. Thus the 1.6662-80 area should probably cap today for a correction lower. Thus watch for bearish reversal patterns. I feel that this correction has potential all the way to the 1.6450-70 area. A break below 1.6580-85 would be a first sign and if seen would risk follow-through below 1.6542 and 1.6507 to the 1.6450-70 target support. Only below 1.6428 would begin to suggest a stronger move lower with 1.340-80 area the next support...
Medium Term Bearish
26th June: Well, losses reached the 1.6232 level and we are still to break below 1.6188 which will be the final key to the downside. Until then we should take a more cautious approach as if anything there appears to be more upside risk.
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 Tue, Jun 30 2009, 03:56 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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