| Resistance: | 0.9115 | 0.9136 | 0.9155-84 | 0.9209 |
| Support: | 0.9065 | 0.9039 | 0.9014 | 0.8974-88 |
Bias: I can't see that the upside is complete - watch for support at 0.9014 and for a new high
Please read the attached PDF file which provides more detailed analysis
Daily Outlook
Yesterday's rally came as a surprise. I did see the potential but the extent of the rally has taken me by surprise. I can't even see that it is complete.
However, I feel the first move today should be lower and down to the 0.9014 support (max 0.8974-88). From here I look for the uptrend to resume and push back to yesterday's 0.9115 high and while this area should generate a small correction, once complete, should see extension to the 0.9155-84 area. Only above here would threaten the 0.9221 high and possibly higher.
To see this break down we'll need a breach of the 0.8988-0.9014 support area. If seen then there is minor support at 0.8945-55 and then again at 0.8910-20. Observe these in case they generate a correction/reversal. Below there is the 0.8860 corrective low.
Medium Term Outlook2nd September:
Yesterday's strength does raise a few alternatives. Overall I don't think we'll get aggressive strength but it does raise the potential for a larger sideways consolidation with the 0.9221 high possibly holding or even minor new highs at 0.9262-0.9321 that would still allow a total recycling back to the 0.8770 low... Only direct losses could open up an alternative, and lower, consolidation range...
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. +15 pips)
