Price: 0.8045

Bias: The downside should be limited to 0.7982-00 today

Daily Bullish:

The 0.8141-66 resistance worked perfectly and I suspect we have seen the top here. However, there is a risk of what could be a deep pullback. The current losses may well have potential down to the 0.7982-00 area but cautiously I feel this will hold and cause a reversal higher. From that support a move back above 0.8050 and then the 0.8078 peaks should probably stall in the 0.8096-0.8116 area. Look for bearish reversal patterns here if seen. If the pullback is even deeper then a break above 0.8116 could see quite a deep pullback to the 0.8154 high. Also note resistance at 0.8180.

MT Bullish:

30th June: Look for bearish reversal patterns anywhere from this morning's 0.8115 high and 0.8166 - the favored target being at 0.8141. Thus only above 0.8166-80 would maintain the bullish momentum for 0.8210 at least and maybe a closer test of the 0.8236-63 highs.

Daily Bearish:

A solid reaction was seen in the targeted resistance area and thus I feel the medium term is probably reversing lower. However, for today I doubt we'll see losses move below 0.7982-00. Thus we can look for potential selling areas back at 0.8096-0.8116 and if that doesn't hold then at 0.8137-54. Only an earlier break below 0.7980 would maintain strong losses for 0.7930, 0.7910 and 0.7874...

MT Bearish:

25th June: We are either going to see a short term triangle followed by a rally into the 0.8117-45 area which should provide a good selling area or we'll see a move below 0.7927 to around 0.7835-51 in a larger consolidation. Thus only below 0.7800 extends losses directly.

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.