Price: 1.1479

Bias: Mixed - waiting for breaks though ultimately I am looking for a low to develop and for stronger gains

Daily Bullish:

Losses developed from a slightly lower level than expected but did reach the 1.1435-45 target. I don't really see any reversal signals currently and thus I am probably more in favor of another marginal new low today around the 1.1358-84 area. Thus look for a buying opportunity in the 1.1358-84 area. Only an earlier break above 1.1512 would risk a more direct bullish move up through 1.1546 and 1.1600 and back to the 1.1637-54 highs. I suspect this area should cap on first test. Note next resistances at 1.1693-14 and 1.1754. If the rally begins from 1.1358-84 then look for 1.1823-32.

MT Bullish:

29th June: Gains have slowly been developing but I still see this reaching 1.1813-32 and while this should cause a correction the ultimate target will be higher to at least 1.1926.

Daily Bearish:

The decline to 1.1435-45 has been seen and caused a reaction higher but hasn't been particularly strong as yet. While the 1.1512-20 resistance caps I do see some risk of additional losses and if seen would extend through 1.1435 and down into the 1.1358-84 support area. I feel this should be the limit of any losses. Thus for any stronger bearish stance look for a break of 1.1350 and only then would I consider the 1.1297 support to be tested at a minimum and possibly 1.1221...

MT Bearish:

2nd July: We're going to need a break now below 1.1358-88 to provide any potential for a retest of the 1.1232 corrective low"€¦

For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.