| Resistance: | 1.0478 | 1.0497 | 1.0523 | 1.0543 |
| Support: | 1.0455 | 1.0432 | 1.0410 | 1.0395 |
BIAS: We should now see further losses
MAIN ANALYSIS: It took most of the day for price to reach the 1.0476-99 retracement area, stalling 2 points below the upper resistance. This should now see losses back down to the 1.0410 low and overall I suspect we'll reach the 1.0355-77 projection and retracement area but also keep in mind the deeper 1.0318 level - also being both a projection and retracement area.
COUNTER ANALYSIS: Back above 1.0499 would risk a break above 1.0543 that suggest a second test at 1.0624 and possibly 1.0630-40.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
