| Resistance: | 1.0371 | 1.0394 | 1.0421 | 1.0441-61 |
| Support: | 1.0343 | 1.0330 | 1.0298-02 | 1.0255 |
Bias: Mixed - waiting for breaks
Please read the attached PDF file which provides more detailed analysis
Daily Outlook
This pair has the knack of doing what is least expected when in a consolidation phase. Therefore, until the 1.0394 high is broken I would prefer to remain neutral. However, to retain a bullish outlook I do feel the 1.0330-43 area is important. While it holds there remains the risk that we could see direct follow-through above 1.0394 which would extend gains to the1.0441-61 area followed by a correction and final move to the 1.0494-02 resistance. Also note 1.0527 and the 1.0585 high.
If this actually breaks below 1.0330 it will raise the risk of follow-through lower again. However, I'd still prefer a break of the 1.0298 low that would provide the catalyst for a decline to the 1.0255 low and probably beyond to the 1.0200-20 area for a correction before the final move to the 1.0134-43 target.
Medium Term Outlook29th July:
The erratic and whippy price development continues. Either we'll see a move down to the 1.0138 area before a recovery or the rally will resume directly above 1.0394 to 1.0470-90 initially but then to 1.0585-06 en route the 1.0851 high. Both are forms of triangle, the first symmetrical and the second ascending...
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Below 1.0130 would target the 0.9929 low... above 1.0851 is required to break the weekly consolidation.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
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 are now are available on the Daily Forecast page of my web site within the Trader Package report reviewing the support & resistance levels. (+60 pips)
