Price:   79.27

Bias:  Mixed - waiting for breaks but with a stronger preference for the upside

Daily Bullish:

The upside was strong and reached the 79.83 area and I feel there is probably a little more to go. The 78.81-05 area must support for this and generate a recovery back above the 79.35 pivot resistance which would provoke a return to the 79.83 high and then to the 80.04-26 area. Take care here as I feel this can cap. Thus, only above 80.30 would extend gains to 80.53 at least. Then note the next stronger resistance at 81.26-34.

MT Bullish:

8th September: The triangle broke down completely and as long as 78.81-05 supports I see risk of seeing 80.04-26 intially and while that area could hold cap initially for a correction I feel the stronger risk will be higher towards 81.26-34 - and later potentially higher.

Daily Bearish: 

There is an underlying bullishness about this currency pair and I feel the short term only provides downside risk. At most I feel the 78.81-05 area should support. Thus, any stronger bearish stance will require loss of 78.80 and only if seen would that trigger follow-through to 78.46-54 - and below there the next larger support lies at 77.52-79.

MT Bearish:

8th September:    Only back below 77.50 would cause a stronger reversal lower now.

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.