Bias: Slightly mixed in the short term but I look for an eventual push higher to 1.0640-48 minimum - max 1.0692
The pullback didn't reach my lower support but broke directly higher to 1.0602. This should not be the final high. In the short term there seems to be risk of a sideways consolidation and possibly a dip to 1.0527-33 again. Therefore I feel we should be focusing on bullish trade set ups either at 1.0527-33 or on a break above 1.0590-02. Either way I look for the uptrend to reach the 1.0640-48 area minimum and this is my favored target. However, also note the higher projection at 1.0692...
25th January: The rally has been more direct than anticipated but should still see gains to 1.0640 at least and with only a minor chance of seeing the 1.0747 highs.
Overall I feel we should be holding back from any bearish stance to await a test of the 1.0640-48 target. I feel that anywhere above here should provide a bearish trade set up and probably maximum 1.0692. Only an earlier break below 1.0527 would concern and below 1.0490-05 would trigger follow-through to the 1.0447 corrective low at least. Next support is at the 1.0413 Fibo and pivot support.
21st January: The break above 1.0412-24 is pointing to a potential larger consolidation structure that may well see a high around 1.0640… Thus, only below 1.0350 would risk earlier reversal back to the 1.0205-23 lows.
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.