| Resistance: | 1.3187 | 1.3211 | 1.3230 | 1.3251 |
| Support: | 1.3148-54 | 1.3132 | 1.3114 | 1.3098 |
BIAS: Look for price to cap between 1.3187-1.3211 for a move back to 1.3060-90
MAIN ANALYSIS: Price has pushed towards the 1.3187 lower target area and has reversed. This should provoke a correction lower. A break below 1.3148-54 will extend losses down to 1.3114 and into the broad 1.3060-98 area. The favoured support is around 1.3070-90 which also happens to be where the 4-hour Price Equilibrium Cloud lies. From that area I anticipate a choppy and messy recovery to around 1.3211-30 before recycling lower.
COUNTER ANALYSIS: Only a direct break above 1.3230 would maintain the bullish move through to 1.3253-83. Also note a projection at 1.3303 and 1.3338.
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
Good trading
Ian Copsey
