| Resistance: | 1.0629-32 | 1.0648 | 1.0667-86 | 1.0725 |
| Support: | 1.0580-85 | 1.0540 | 1.0510 | 1.0489 |
Please read the attached PDF file which provides more detailed analysis.
Bias: Cautiously I feel the 1.0580-85 area will support for a break above 1.0629-32 and to 1.0667-86 before lower
Daily Bullish
The 1.0629-32 resistance marks the break for an extension of the recovery. I would prefer a correction first to the 1.0580-85 support before the break higher and if seen I feel this would be a good buying area. However, if the 1.0632 high breaks directly then expect follow-through to 1.0648 and probably 1.0667-86. However, I will be looking for this resistance to hold for a reversal lower. Thus, only above 1.0590 would maintain the upside momentum for 1.0725 and 1.0757-73 - possibly en route the 1.0832 high.
Medium Term Bullish
24th August: Having reached the 1.0542-73 support and also noting the support at 1.0486-89 there should be a period of upward correction. Only back above 1.0683-1.0725 would suggest any stronger rally above 1.0882 and 1.0954 to the 1.1021-67 area.
Daily Bearish
While overall I still feel we are in a larger bearish move I feel we shall be given a better selling opportunity with a break above 1.0632 signaling a move through to 1.0667-86. Look for a reversal pattern in this area. From here - or a direct break below 1.0580 - I will look for losses in the next leg below 1.0554 and to 1.0489 at least. Take care here. Below 1.0480 implies 1.0370-90 before higher.
Medium Term Bearish
24th August: We have seen the anticipated losses and at most I feel the 1.0489-1.0542 support range will provide support. For the moment this should hold below around 1.0632. Only directly below 1.0486 would extends losses to 1.0370-90.
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
