Price:   1.6578

Bias:  This isn't quite so clear … Resistance is at 1.6601-10 and 1.6655 while breach of 1.6514 will extend losses

Daily Bullish:

Price remained in a sideways consolidation having already preceded the Dollar gains seen against the EUR & CHF. I am less sure on this one with immediate resistance at 1.6601-10 but then again further at 1.6631-55. I feel we should take care at both areas to see which will hold. Only a break above the 1.6655 resistance would provide any argument for gains through 1.6677, 1.6710 and back towards the 1.6747-96 resistance areas.

MT Bullish:

13th November:   Having seen the declines in the other European currencies I feel we must wait until the 1.6251 area again to see whether there is any chance we have seen a complex correction that would send price higher again. Only direct above 1.6747-95 would risk this more directly.

Daily Bearish: 

I feel we need focus attention on two areas today - the 1.6601-10 area and then the 1.6631-55 resistance. If I have to choose one above the other then it's the 1.6631-55 area. Thus look for bearish set ups at both but I do feel we shall see continued losses back towards the 1.6514 low and while this could still generate a bounce this should be limited and more likely we'll see follow-through to 1.6462 at least and probably towards 1.6369. I suspect this would be enough on the day. However, do also note the 1.6251-60 lows.

MT Bearish:

13th November:   I am now more strongly in favor of a decline back to the 1.6251-86 area at least. Only a clear break below would imply more sustainable and direct losses.

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.