Bias: I suspect the 80.49-81.30 range will persist
Losses edged below 80.28 but by only 8 pips and I feel we are still trapped within a sideways trading range. This should see the 80.49-59 support hold and generate a move higher into the 81.20-30 resistance. I look for a cap here before a move back to probably around the 80.49-59 area again. This should act as a launch pad for stronger gains that on a break of 81.30 would trigger follow-through above 81.55 and onto 81.94-08 at least. Take care here as this could generate a pullback. Next resistance is at 82.43 and 82.98.
16th December: It looks like we'll see a 80.28-81.35 range in the near term and then as long as the 81.35-55 resistance breaks we should see further gains above 81.94.
Only below the 80.49-59 support would undermine the bullish outlook and imply losses through the 80.20 low and onto 79.64 at least. This support could cause a correction. Breach would extend the bearish momentum for the 79.21 low… Then note further support at 78.51.
14th December: Only below 79.21 and 78.69 would trigger a stronger push lower now.
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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.