Bias: While 1.0502-12 caps I look for extension to around 1.0370
Very clearly the upside did not work and this morning, since writing the general outlook, price has broken below the 1.0466 low to confirm an alternative structure. Right now we are on top of support at 1.0432 and I feel this could well cause a pullback to 1.0466 at least and probably the 1.0502-12 area. Look for bearish trade set ups there for losses back to 1.0432 initially and then to the 1.0360-80 area. Look for bullish trade set ups here for a correction higher.
Only an earlier loss of 1.0350-60 would concern and extend losses more directly through the 1.0320 swing low and down through 1.0265 to the 1.0201-35 area. Take care there as this could provide a larger bounce. Only an earlier break above 1.0515 would cause a retest of the 1.0537 corrective high and above there to the 1.0605 corrective high.
Medium Term Outlook:
8th July: Nope… the structure I was looking at was clearly wrong and for the moment I am looking at the potential for a trading range between 1.0200 and 1.0676 (and maybe lower than that.)
Only a break back below 1.0201 would cause stronger losses back to the 1.0138 low and probably beyond to around 1.0044-64.
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. (+70 pips)