Bias: While 1.0358-67 caps I feel this remains bearish to 1.0192-05 at least
Yesterday's losses didn't follow-through as deeply as expected. However, I won't get too bullish until the 1.0358-67 area breaks and then the 1.0383-91 area. If seen then I feel we should expect a deeper correction above 1.0424-55 and 1.0498 with the 1.0540-80 area providing stronger resistance. If we see losses as I feel we should then watch the 1.01425-41 area for bullish set ups.
11th January: Breach of the 1.0284 support has turned the picture bearish. I see a pullback from the 1.0164-1.0205 area but only a pullback. To generate any stronger picture we'll need a break above the 1.0383 corrective high which would then have chance of revisiting the 1.0576 high.
Losses haven't been as strong as I had wanted but while the 1.0358-67 area caps I still feel these can develop. From this resistance a break back below the 1.0330 pivot support would set up a retest of the 1.0290 pivot area to retest the 1.0250 low. This area could cause a second pullback but should be limited before follow-through to the 1.0205 low at least. Take care here as this could cause a temporary pullback. However, the targets should be in the 1.0125-41 area.
11th January: The bounce from 1.0284-93 area did not last long and this implies losses to 1.0164-90 initially and after a pullback to the 1.0051 target.
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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.