Bias: While 84.38-76 caps I look for losses down to the 82.29-39 area before recovering
Losses were much stronger than expected and I do feel there will be further lows seen before there can be any chance of a correction higher. There is resistance around the 84.38-76 area and until this breaks we should hold off from any direct bullish stance. Only if breach is seen would I look for gains to extend through 85.00-10 and to the 85.52 area at least. Take care in case this holds in a sideways consolidation. I doubt it and feel a move back to the 86.20 high is more probable. If we get a decline to the 82.29-39 area watch for a bullish trade set up there.
13th January: I've reviewed this but still come up with a greater risk of the rally extending. This will require the 82.29-39 area to support and take price back up to the 86.20 high at least and should be much higher.
Breach of the 84.44-58 area has prompted additional losses which have reached 83.35 thus far and I feel there is still further to go. The 84.38-76 area provides resistance and while this caps I will look for losses to extend further later back to the 83.35 low and while this area should cause a correction I feel the decline should eventually extend to the 82.29-39 area. However, around here I'd expect a base for stronger gains again.
13th January: Losses have been seen and these could extend to the 82.29-39 area but ideally this area will support for a reversal higher again. Only below 86.20-30 would extend losses to 81.73 and possibly 81.05.
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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 available on the Daily Forecast page of my web site along with a new report showing the prior day’s support & resistance levels.