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The Daily Forecaster
Thu, Jul 16 2009, 04:04 GMT
by Ian Copsey
FX-Forecaster.com | View company's profile
| Resistance: | 1.1212 | 1.1252 | 1.1285 | 1.1321 |
| Support: | 1.1150 | 1.1113 | 1.1080 | 1.1039 |
Please read the attached PDF file to ensure that you receive the full analysis...
Bias: Cautiously I look for a retracement back into the 1.1400-50 area from where losses can develop
Daily Bullish
Yesterday's pullback was non-existent and losses were as aggressive as the previous day. We either have to side with yet another day of aggressive losses or a deeper pullback. I'd like to think that we should see a little stronger after the last couple of days. First resistance is at the 1.1212 corrective high and this may well hold on first test. However, once broken it should trigger a stronger recovery back to the 1.1285-1.1321 area which I feel would cap for another round of losses. Take care however, if this rally is seen it could be very choppy.
Medium Term Bullish
16th July: Yesterday's losses put an end to any quick reversal and only back above 1.1320 would provide potential to 1.1366, maybe even 1.1418.
Daily Bearish
After yesterday's experience I am rather cautious in calling for a larger pullback but if seen then I feel the 1.1285-1.1321 area is where we should be looking for bearish reversal patterns. Only an earlier break back below 1.1150 would retest the 1.1113 low and if seen directly may also see 1.1080 at least with support also seen at 1.1039. Overall if direct losses are seen then the next major support appears to be at 1.0940.
Medium Term Bearish
16th July: While 1.1285-1.1321 caps I feel the minimum target is at 1.0940 and we may well see a move to the 1.0783 low…
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 Thu, Jul 16 2009, 04:09 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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