BIAS: There seems to be risk of seeing 0.9310-30 before losses to 0.9197-20

MAIN ANALYSIS: Price remained below the 0.9310-15 area for losses back to the 0.9283 low and then into the 0.9253-67 projection area. This still has potential for the correction to reach the 0.9310-15 and max 0.9330 area before losses retest the 0.9263 low (approx) and later follow-through to the 0.9197-20 area. From here we should see a much deeper correction higher.

COUNTER ANALYSIS: Only a break back above the 0.9355 area would confuse and risk a retest of 0.9394-06… Above there note the 0.9442 and 0.9477 levels.

For more information regarding the support & resistance and medium term outlook please see the attached PDF file.

Good trading
Ian Copsey

Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.

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