| Resistance: | 1.0440 | 1.0461 | 1.0480 | 1.0500-19 |
| Support: | 1.0407-17 | 1.0386 | 1.0359 | 1.0329 |
BIAS: While 1.0386-1.0417 supports we should begin to see firmer gains
MAIN ANALYSIS: Price hit the 1.0357-67 area that I described as important and has bounced higher. This looks constructive and overall it encourages my basic bullish view. We do still need to be aware of a correction with the 1.0386-1.0417 area appearing to be important. I cannot rule out a deeper correction to this area at this point. However, while this broad area supports there is a good bullish structure that would imply a break above yesterday's 1.0440 high to extend to the 1.0480 high maybe just above. However, at some point we should be looking for a modest correction before the next leg targets the 1.0565-97 area (max 1.0616) from where we should see a further correction.
COUNTER ANALYSIS: An earlier break below 1.0359 would appear to revert back to a more bearish outlook to the 1.0329 and 1.0305 lows.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
Good trading
Ian Copsey
