| Resistance: | 1.3323 | 1.3344-55 | 1.3372-84 | 1.3403 |
| Support: | 1.3285-90 | 1.3256 | 1.3220 | 1.3188 |
BIAS: There is still room for further 1.3260-1.3385 range trading though I expect a break lower at some point
MAIN ANALYSIS: Sideways, up-a-bit… down-a-bit… and it could continue. If I have my preference develop then it will be for a push up to 1.3372-84… back down to just above current levels… a smaller pullback higher and then lower. However, I'd settle for a direct break below 1.3256-66 and for losses that look as if they could get to the 1.3158-88 area. Could losses get to 1.3110-35? It would make me grit my teeth but it's not totally impossible. Key is the Dollar Index around 80.60...
COUNTER ANALYSIS: A break above 1.3403 would allow extension to the 1.3464-84 area at least, the higher level being the old daily high. Also note above there potential projections at 1.3515 and 1.3550.
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
Good trading
Ian Copsey
