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The Daily Forecaster
Tue, Nov 3 2009, 04:06 GMT
by Ian Copsey
| Resistance: | 1.6421-35 | 1.6453 | 1.6494 | 1.6519 |
| Support: | 1.6354-70 | 1.6328 | 1.6309 | 1.6251-85 |
Bias: Mixed - waiting for breaks but overall I feel we shall see range trading today
Please read the attached PDF file which provides more detailed analysis
Daily Bullish
This has become really quite tight and the near term may well be confined to a 1.6328-1.6421 range. If we are to see any stronger rally then we'll need a break above 1.6453. If seen then I suspect we'll make our way up to 1.6494 and 1.6519 at least. Beyond here is a little uncertain. The next resistance I can see is at 1.6563. To allow for any stronger move then we have the 1.6603 high followed by 1.6630-74.
Medium Term Bullish
2nd November: The rally from 1.6251 hasn't been too progressive and while I can't rule out stronger gains I feel the resistance around 1.6674-92 should cap. Only above sees follow through to 1.6738-56 at least.
Daily Bearish
The range is getting tighter and we'll have to break out at some point. While the 1.6421-53 area caps there is a small risk that we'll see losses push below 1.6354-70 .. If this is seen then chances favor a move to around 1.6309. Take care there. Any stronger bearish stance will require loss of 1.6300-09 which would then push the 1.6251-85 lows. If these break then chances will move towards stronger losses to 1.6162-99 at least. Next support is at 1.6114.
Medium Term Bearish
3rd November: The range has tightened and we still need to watch out for the downside with loss of 1.6251-85 triggering follow-through to 1.6162-99 at least and potentially 1.6114. Next support is seen at 1.6085 & 1.6035.
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 available on the Daily Forecast page of my web site along with a new report showing the prior day’s support & resistance levels.
Published on Tue, Nov 3 2009, 04:14 GMT
Archive
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Published On Fri, Nov 20 2009, 04:13 GMT - The Daily Forecaster
Published On Thu, Nov 19 2009, 03:38 GMT - The Daily Forecaster
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Published On Tue, Nov 17 2009, 03:55 GMT - The Daily Forecaster
Published On Mon, Nov 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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