Price:   1.5141

Bias:    This does look like it will end the day lower…

Daily Outlook:

Price failed to penetrate the 1.5226 high and this is beginning to turn the tide against the upside. Any drop below the 1.5129 low should extend losses to 1.5102. Take care here as a pullback is possible ahead of follow-through to 1.5050-60. This is important support if there is any potential for renewed strength. Breach would condemn price to stronger losses through 1.4991-26 and probably to the 1.4957-70 area. Look for a correction there. Overall this will imply eventual extension back to the 1.4872 low...

Only a break back above 1.5175 would risk a return to the 1.5226 high and then through to the 1.5285-95 resistance. I think this would cap. However, note further resistance at 1.5355 and 1.5394…

Medium Term Outlook:

7th July:      The 1.5226 high held fast and this is raising the risk of a move back to the 1.5050-60 support area… if this breaks then there will be a stronger chance of a retest of the 1.4872 corrective low...

Only directly above 1.5226 would allow 1.5285-95 before lower again.

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 in the Trader Package review. (+35 pips)

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