Bias: While 1.0518-27 supports I feel there is more room on the upside to reach 1.0625-35 initially and possibly 1.0694-16
Yesterday's losses fell between the two support areas I identified yesterday but from 1.0449 we have seen a solid recovery and I feel this will follow-through over the course of the day. We are already close to the prior 1.0581 high and I don't see this holding for too long but suspect the 1.0625-35 area stands a better chance of generating a correction. This is where we may see a continuation pattern develop. Once the correction is complete I feel this could rally to the 1.0694-1.0716 resistance at least. Take care here. Only a break above would retest the 1.0760-70 area.
18th November: This still remains a bit choppy and I'm not 100% comfortable with the upside yet. I feel that more likely we are to see one more dip lower before strength can develop. Thus, only back above yesterday's 1.0617 high would encourage for 1.0694 and 1.0760-80.
Well the dip I expected occurred though stalled in a different place to where I had expected and has provoked a stronger follow-through higher. I feel there should be a temporary peak around the 1.0625-35 area but this may not be big enough to provide a safe selling opportunity. More likely I feel the 1.0694-17 area may well provide that opportunity. If not then we may be looking at the 1.0760-70 area. Only an early failure to break above 1.0581 and loss of 1.0518-27 would imply direct losses which should then break through yesterday's 1.0449 low to retest the 1.0415-25 area.
13th November: I haven't altogether given up on the downside but the outlook is a bit unclear. Only back below the 1.0415 low would suggest a test of the 1.0377 corrective low and if this breaks then maybe we'll see losses all the way down to 1.0266 and 1.0205 again.
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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.