Price: 155.93

Bias: There seems to be risk of the upside extending to 156.50-79 and potentially 157.48-67 before lower again

Daily Bullish:

The structure here is less clear but does seem to suggest potential for a second test of the 157.48 high and max 157.67. While the 155.10 area supports I feel this more higher is supported. However, I feel we should run into a barrier again around the 157.48-67 area. Thus, any stronger bullish stance will require a break above 157.70 and only then would the upside extend further towards 158.24 at least. Then note resistance at 159.20 and 160.15.

MT Bullish:

19th August: I am just a little mixed - and maybe more bullish but much will depend on GBPUSD. To extend gains we'll need a break above the 157.50-86 resistance and if seen then look for gains to 160.23 initially and then back to the 163.03 high.

Daily Bearish:

I still find this structure a little unclear but feel that the pivotal resistance is at 157.48-67. While this caps a break back below 155.10 would extend losses to 154.32-65 and if this breaks then expect extension of losses to the 153.46 low at least. Breach would open up risk to 151.56, 151.10 and 150.17.

MT Bearish:

20th August: Until the 157.48-67 area is broken we need keep in mind the risk of a second move lower back to the 153.46 low and then to 151.10-56 and 150.17.

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.