Price: 1.6621

Bias: I suspect we'll see losses today towards 1.6277-1.6313

Daily Bullish:

Losses didn't manage to follow-through yesterday and this has pushed price higher towards the 1.6631-62 highs. Indeed, a test of the 1.6662-80 area does look likely. However, I am aware of the hourly bearish divergences and I really don't think we'll get a powerful follow-through today. Thus, only a break above 1.6680 would trigger more direct gains than expected and if seen it should allow gains to reach 1.6755-80 and possibly the 1.6834-49 target.

MT Bullish:

26th June: Well, we saw losses but the manner of the decline looks corrective and until the 1.6188-1.6232 lows are broken there is still risk of follow-through higher to the 1.6840-50 favored target area.

Daily Bearish:

While the risk of a stronger rally to 1.6850 is possible I feel this will not come in one move. Thus the 1.6662-80 area should probably cap today for a correction lower. Thus watch for bearish reversal patterns. I feel that this correction has potential all the way to the 1.6450-70 area. A break below 1.6580-85 would be a first sign and if seen would risk follow-through below 1.6542 and 1.6507 to the 1.6450-70 target support. Only below 1.6428 would begin to suggest a stronger move lower with 1.340-80 area the next support...

MT Bearish:

26th June: Well, losses reached the 1.6232 level and we are still to break below 1.6188 which will be the final key to the downside. Until then we should take a more cautious approach as if anything there appears to be more upside risk.

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.