Bias: We may have seen the low already but allow for 1.4674-82 but today should see a reversal higher
The 1.4839 resistance held perfectly and we have reached the 1.4703 target and just a little more. Hourly momentum is showing a tentative bullish divergence and at the most I see room for losses to 1.4664-82 only and probably 1.4674-82… From here I shall look for price to stage a recovery back above 1.4730 which should then extend the recovery towards the 1.4790-95 and 1.4814 areas. This should cause a correction. Once above 1.4814I feel the move can accelerate a little more comfortably above 1.4845-76 and towards the 1.4926 swing high. This too should stall the rally for a pullback.
27th October: I retain the 1.5153-1.5200 target area but we'll probably see the correction deepen first. The general areas where a base could be seen are at 1.4771 and 1.4721 followed by what is probably the favored target around 1.4674-1.4702. Don't forget 1.4650 & 1.4617...
We have come to the favored target mentioned in the MT bullish section at 1.4674-02. Thus any bearish stance will require break of 1.4674 and also a small projection at 1.4664. If seen expect extension to 1.4617 and max 1.4570-75. Take care there. Only below opens up 1.4526 and then the 1.4480 major corrective low.
28th October: As things have developed I feel the 1.4703-09 area is the most likely stalling point, second likely is the 1.4770 low we have already seen and finally the 1.4674 Fibonacci retracement and price support. Only below 1.4650-73 would extend losses further.
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.