Bias: I feel there is a good chance 0.9175 will caps for losses…
Losses developed as expected but have not been particularly strong so we'll need to manage the short term. I'd still prefer to think we'll see direct losses but should be aware of a minor risk of a push above yesterday's high at 0.9193 and into the 0.9214-29 resistance (max 0.9251.) It is only above here that I'd begin to consider a more bullish scenario but even in this we'd have to take care at 0.9296-21 and on the day I would expect this to break. However, note further resistance at 0.9368 and then the 0.9404 high.
30th November: The 0.9175 retracement target has been reached - only breach extends to 0.9229-51 - but I can't get too bullish unless this and 0.9296 breaks. If seen then the 0.9321 high will come under attack.
While losses weren't that convincing yesterday I still prefer to retain a bearish outlook but will need to watch two areas. While 0.9150 supports there may be a small chance that we'll see a push back above 0.9183-93 to reach 0.9229 (mas 0.9251.) If seen I feel this will be a good selling area. However, I would still prefer to see more direct losses that on a break below 0.9150 would see follow-through into the 0.9107-26 support. Take care here. Most likely I feel this will break for follow-through to 0.9031-64 at least and probably 0.8978-91 where a moderately deep correction should be seen. Once the correction is complete we should see the 0.8946 and 0.8904 lows come under attack again.
30th November: The 0.8904 low is very important to confirm a stronger push lower and we must be aware of the risk that before this break that we see consolidation. Breach will open the risk for more sustainable losses.
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.