Bias: Overall I feel we should see early losses and should then watch key supports
If there is any currency where I feel there could be a deeper pullback it is here. However, we should be careful as the 1.6574-80 area is important and has a strong chance of generating a reversal lower for a correction at the very least. Only a break above 1.6580-85 would extend gains through 1.6620 and into the stronger resistance at 1.6640-75. I would expect this to hold. While not expected also note resistance above here at 1.6745-65 ahead of the 1.6845-77 highs.
27th November: While I feel we shall get a rally from the 1.6285-1.6327 area I feel it will be corrective only . Only back above the 1.6745 corrective high would change this and suggest an attack back at the 1.6877 high followed by 1.7041.
I feel the downside is the larger risk although we have to be careful in the early stages today. There is resistance right where price is as I write - in the 1.6574-80 area. While this caps I feel we should see losses back below 1.6525 and to around 1.6466 at least. Take care here. If this breaks too then look for follow-through below 1.6430-40 and to 1.6386 minimum and probably the 1.6342-57 support. Take care again. Only breach would retest the 1.6251-70 lows.
27th November: I have a stronger bearish outlook now but I'm not convinced this is going to be direct or aggressive. At this point we need a break below the 1.6251-85 area to extend losses to 1.6167 and possibly 1.6069.
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.