Bias: We may have seen the low already… at most the downside should be limited to 1.4630-40
Price has reached the minimum downside target but not quite the preferred 1.4630-39 support. Thus, with this small discrepancy we need to be aware of the downside risk as well as the upside. However, the 1.4630-39 area is the downside limit so overall the upside has greater potential. Thus, look for a bullish set up anywhere between 1.4630-68. Any earlier break above 1.4750-75 would trigger direct gains and then I'd look for a recovery back to the 1.4795-05 pivot area. Above there the next resistance appears to be around 1.4862 & 1.4904.
9th December: I feel it is time to look for a recovery from the 1.4630-68 area and this could be quite deep. In fact a move back above 1.50 seems most likely but then we'll have to take care from 1.5034 onwards.
The correction was very complex and has generated the preferred losses to just above the 1.4630 target. Thus I feel any downside is limited today and only a breach of the 1.4626 low followed by 1.4610 would cause stronger follow-through. If seen then look for follow-through below 1.4583 and probably down to the swing low at 1.4480. This should hold on the day if seen. Also note support at 1.4433 followed by 1.4387.
7th December: Losses have developed as expected but there is some short term doubt over where this will stop. The minimum is at 1.4703-16 and if this breaks then the 1.4629 level should be the most we see.
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.