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The Daily Forecaster
Thu, Oct 15 2009, 04:03 GMT
by Ian Copsey
FX-Forecaster.com | View company's profile
| Resistance: | 82.53-62 | 83.01 | 83.25 | 83.64 |
| Support: | 81.90-97 | 81.60 | 81.29 | 80.99-12 |
Bias: Until we see a lower low the trend remains higher - but take care at 82.53-62
Please read the attached PDF file which provides more detailed analysis
Daily Bullish
The uptrend continues relentlessly and we now face the 82.59-63 resistance and possibly 83.01-25 for the next barriers. Momentum remains strong and until we get bearish divergences at key resistance levels we should retain a bullish stance. Take care at 82.59-62 -only above extends to the 83.01-25 area and quite probably 83.64.
Medium Term Bullish
13th October: We have come close to the 81.97 high and at some point it will likely break. I'd prefer a correction down to 80.77-04 first and then a rally from there would push above 81.97 for 83.01-27 at least and possibly 83.67-82.
Daily Bearish
I feel that as we move higher the trend will be come more and more stretched. However, with the relentlessness of this rally it will be important to identify bearish reversal patterns before attempting to sell into this rally. The areas most at risk of seeing a reversal are at 82.53-62 and 83.64. However, do also note the 83.01-25 area.
Medium Term Bearish
15th October: Wait for stronger signs of reversal before contemplating a MT bearish trade here….
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, Oct 15 2009, 04:07 GMT
FX-Forecaster
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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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