Price:   1.0689

Bias:  Mixed - waiting for breaks

Daily Bullish:

The ascending triangle worked well with the breach of 1.0545 triggering follow-through to the 1.0695 resistance. There may be risk that a second ascending triangle is developing and while 1.0675-80 supports this can still work. Thus, if we see direct breach of 1.0695 look for the upside to reach the 1.0739 resistance at least. I'm less certain of seeing any further. Thus above 1.0740 would maintain the bullish momentum for 1.0754 and possibly 1.0805.

MT Bullish:

27th October:  A break higher has been seen - take care at 1.0739-51 and beyond there at 1.0805 and 1.0898. Resistance is also found at 1.0958.

Daily Bearish: 

If we are to see losses then the 1.0675-85 area must break and if this occurs then look for extension to the 1.0453-51 area. Take care here as I feel there is risk of a correction but I feel that we could see a deeper pullback below 1.0580 and down to the 1.0535-45 pivot and Fibonacci support.

MT Bearish:

27th October:   Given yesterday's rally we'll need a break below 1.0643-51 and 1.0580 to provide any suggestion of a deeper pullback lower.

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 now available on the Daily Forecast page of my web site.