| Resistance: | 84.83 | 85.15 | 85.45 | 85.72-90 |
| Support: | 84.45 | 84.10-26 | 83.85 | 83.39-58 |
Bias: Watch the 84.83 area which - while it caps - should trigger losses back to 83.39-58 else revert to the upside again
Please read the attached PDF file which provides more detailed analysis
Daily Outlook
There is a strong risk that the break of 85.81 was not sufficient to reverse this higher. The key resistance to look out for is at 84.83. While this caps the risk remains for losses to resume back to the 84.45 area and then through 84.10-26 and to the 83.39-58 area. Take care there and look for a bullish trade set up but bear in mind this may well be just for a correction. The next support below is at 82.71-01. Also note support at 82.34 & 81.69.
Only back above 84.85 would bring some relief for a move up through 85.15 to 85.45 at least and potentially yesterday's 85.90 high. Above there is the 86.37 corrective high.
Medium Term Outlook25th August:
It would be easy to get bearish here but I find a huge conflict between the limited downward expectations in EURJPY and the stronger bearish expectations in EURUSD. With weekly & daily bullish divergences I'm tending to feel this is part of a complex correction that will spurn a rally soon...
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While there is support at 83.43-58 there is also related support at 82.71 and at the most 81.41-85...
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. +35 pips)
