Bias: While 0.9202-19 supports the risk remains higher for a move above 0.9321
The direct break above the 0.9215-20 pivot resistance provoked a strong follow-through which has stalled just below the 0.9321 corrective peak. It certainly looks as if we shall see direct extension higher now although the next move today should be lower. While this correction remains above the 0.9202-19 area the bullish risk remains. A reversal from there back above 0.9252-73 would take us straight back to the 0.9321 high and I'd expect eventual extension through 0.9358 & 0.8382 and towards the 0.9404 high. The target appears to be in the 0.9450-80 area.
7th January: Yesterday's push higher certainly makes this look more bullish but I feel we should take this in stages. A break above 0.9280 would extend gains to 0.9320 & 0.9358. Expect a correction but note the 0.9404 high and further resistance at 0.9480.
Gains have been steady and currently we have stalled just below the double peaks at 0.9321. We should now see 0.9202-19 support for further gains. Thus, only a break below 0.9200 would cause the immediate bullish structure to break down and prompt losses through 0.9171 and to the 0.9122low again. Note next support at 0.9051-83.
7th January: I feel the push higher makes this look more bullish and thus only back below 0.9050 would begin to cause concern.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
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.