| Resistance: | 0.9369 | 0.9382-86 | 0.9422 | 0.9448 |
| Support: | 0.9340-50 | 0.9320-26 | 0.9299 | 0.9280 |
BIAS: We now need a break below 0.9340-50 and 0.9326 to see losses extend to 0.9280-99 - but then care required
MAIN ANALYSIS: We saw the push into the 0.9368-0.9400 range and while there is a small risk of a blip to 0.9386 I cautiously prefer the downside to resume. Initially we need to see a break below the 0.9340-50 area and once seen should then extend losses through to 0.9280-99. I suspect this area should support for a modest correction higher but probably holding below 0.9320-40 before further losses are seen that should extend back to the 0.9241 low - possibly 0.9214.
COUNTER ANALYSIS: Only above 0.9400 would imply deeper retracement areas at 0.9448 and 0.9472… At this point I don't see any break above 0.9512.
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
Good trading
Ian Copsey
