Price: 1.4129

Bias: While I can't rule out early range trading I feel that the next target is around 1.4265-72

Daily Bullish:

No break of 1.4055 and a recovery still retains the 1.4265 target. Early trading may well range between 1.4100-37 but I shall expect a break through the high of the range to extend gains above the 1.4165 high and to 1.4208 en route the favored target at 1.4265-72. However, I feel this will hold for a firm correction lower. Thus only a break above 1.4272-75 would extend the bullish momentum towards the 1.4338 high. However, I don't see this bring broken at this point. However, note next resistance at 1.4412.

MT Bullish:

16th July: Having analyzed this again I feel the risk is to 1.4265 followed by a correction and then a rally to around the 1.4338 high again. This area should cap once again for losses. Only a more aggressive approach to 1.4338 would suggest the larger uptrend will resume.

Daily Bearish:

The downside was a little strange on Friday but with the 1.4055 low remaining intact we need to still remain cautious about the downside. I still prefer to look for a move to around 1.4265-72 for a good selling level. Right now I could only get more bearish if the 1.4090 low seen this morning is broken. If seen it should cause a retest at 1.4038-62 at least. Again, take a little care there. Only breach would extend losses to the 1.4000 pivot area which looks quite firm and should hold on first test. Next supports are at 1.3960-70 and 1.3943.

MT Bearish:

16th July: I feel we shall have to be patient and wait for the 1.4338 high once again to get a chance at a possible MT high that should then trigger a move back down to the 1.3747 low over the next month or so.

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.