| Resistance: | 1.4730 | 1.4760 | 1.4790-95 | 1.4814 |
| Support: | 1.4664-82 | 1.4650 | 1.4617 | 1.4570-75 |
Bias: We may have seen the low already but allow for 1.4674-82 but today should see a reversal higher
Please read the attached PDF file which provides more detailed analysis
Daily Bullish
Both hourly & 4-hour momentum looks pretty soggy and this should bring additional losses. The first area that may hold is the 82.69-81 zone but unless a bullish divergence develops I can't see this bringing any strong reversal. So break below 82.69 would extend losses to the 81.96-13 area. Here I feel there is a stronger risk of a correction higher so look for a bullish reversal pattern. Only an earlier break back above 83.35-45 would help a correction but until there is a break above 83.70 and 84.20 I can see any recovery being anything but a correction. However, note next resistance at 84.58-79.
Medium Term Bullish
27th October: I retain the 1.5153-1.5200 target area but we'll probably see the correction deepen first. The general areas where a base could be seen are at 1.4771 and 1.4721 followed by what is probably the favored target around 1.4674-1.4702. Don't forget 1.4650 & 1.4617...
Daily Bearish
We have come to the favored target mentioned in the MT bullish section at 1.4674-02. Thus any bearish stance will require break of 1.4674 and also a small projection at 1.4664. If seen expect extension to 1.4617 and max 1.4570-75. Take care there. Only below opens up 1.4526 and then the 1.4480 major corrective low.
Medium Term Bearish
28th October: As things have developed I feel the 1.4703-09 area is the most likely stalling point, second likely is the 1.4770 low we have already seen and finally the 1.4674 Fibonacci retracement and price support. Only below 1.4650-73 would extend losses further.
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.
