| Resistance: | 1.0493-10 | 1.0537 | 1.0552 | 1.0566-93 |
| Support: | 1.0451 | 1.0430-35 | 1.0398-10 | 1.0383 |
BIAS: While 1.0493-10 caps we should see a pullback to 1.0398-10 before higher again
MAIN ANALYSIS: I am more confident of the upside again now. I can't rule out a blip higher to 1.0493-10. However, if seen that should cap for a modestly deep correction lower. Back below 1.0451 would extend losses down to 1.0398-10. However, I feel that will be the full extent of the pullback and will push back higher to the 1.0493-10 area again. Take care there as this could once again force price back to 1.0398-10.
COUNTER ANALYSIS: Only an earlier break below 1.0390 would concern for deeper losses to the 1.0330-54 at least. Also note minor support at 1.0302 ahead of the 1.0260-65 pivot support.
Only directly above 1.0510 would imply losses extending directly to 1.0566-93 which should cap for a reversal lower.
Fore more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
