Price:   1.4794

Bias:  Mixed - waiting for breaks

Daily Bullish:

This morning's blip up to 1.4840, while not exactly against my thoughts, does seem to have problems in fitting into a structure - the closest I can get is in a complex correction that would see 1.4732-45 (probably the higher) support for a further attempt higher. The barrier in my mind is that the 1.4841 level is implied from a daily target and there are bearish divergences now present in hourly & 4-hour charts. I also see resistance at 1.4860-70 (as updated yesterday.) If there is to be a bullish move then the 1.4732-45 area must support and trigger a move back to 1.4841-70. Take care here again. Only above would extend gains to the 1.4930-60 pivot resistance and then not until 1.5022 (weak) and 1.5135.

MT Bullish:

23rd September: As updated yesterday I can see a couple of short term projections at 1.4860 and only a break above here would maintain the bullish momentum for 1.5135 & 1.5186.

Daily Bearish: 

We have seen a move to 1.4841 this morning. This has ambiguous arguments… It is exactly where a complex correction would stall price for a correction back to 1.4732-68 before pressing higher again. Alternatively it is the daily target I have been mentioning above which is the 1.4860 resistance I also provided later. Therefore, I can't rule out that this spike higher actually basically satisfied this target and thus we'll get a stronger pullback. The area that will highlight this is the 1.4732-45 support. If this breaks then look for a pullback lower. If seen look for 1.4654-70 minimum and potentially 1.4516-38..

MT Bearish:

23rd September:     Any loss of 1.4732-45 now would signal losses to 1.4654-70 at least and at most 1.4513-38...

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.