Price: 1.0806

Bias: The bounce from 1.0744-60 was perfect and this should translate into gains once above 1.0847

Daily Bullish:

Price met its 1.0744-60 target and now we need plan the route higher. However, at this early stage there is little to work with. I do see resistance between 1.0820-47 which I feel may well cause the first pullback. Once above 1.0847 we should see quicker progress and if any areas are likely to stall then it will be the 1.0955 and 1.1021 peaks. Currently I don't have targets as this is the beginning of a new wave higher but there is also possible resistance around 1.1095.

MT Bullish:

10th July: Yesterday's dip into the 1.0744-60 area confirms the structure I was look for and thus the overall direction should be higher again. With this being the start of a new wave higher I need further wave development but for now watch 1.1021, 1.1095, 1.1150 and 1.1245-65.

Daily Bearish:

The decline ended where it should have but I can't see any strong indications from indicators to suggest a reversal. However, with price having been particularly volatile this perhaps should be expected. Thus, if I am to get bearish I would wait until the 1.0744-50 area is broken. If this occurs the picture would look quite strongly bearish and I feel loss through the 1.0705 and 1.0631 lows would occur quickly but the 1.0590 area may well cause a correction. Below 1.0590 sees next support at 1.0518-36 and 1.0444.

MT Bearish:

8th July: Recent price development still can't rule out a return to the 1.0744-60 area but I really do not expect any more than that€¦ Thus only below 1.0705-40 would trigger much stronger losses€¦

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.