Price:   1.0094

Bias:  We have to take care in the 1.0059-72 area - while this supports we could see a move back to around 1.0165

Daily Bullish:

The pullback from the 1.0193 high has been very deep and therefore we have to be careful as I feel it may just cause a sideways consolidation to develop. Note support at 1.0057-72 and look for a bullish set up pattern. If this holds then we are more likley to see a rally back above 1.0119 and to the 1.0165 area. That should hold to see a reversal back lower into range. I'll only revert to a directly bullish scenario if the 1.0193 high is taken out cleanly. If the 1.0059 support gives way I still feel we'll get a bounce from 1.0032-34 so also take note of possible bullish set ups here.

MT Bullish:

16th November:   The deep correction may well be a reversal. I feel that the 1.0032-59 area will support for a pullback. If the higher level holds then we could see 1.0165 again before back into range. Only back above 1.0193-00 would imply the larger rally is back on track.

Daily Bearish: 

While losses have been far steeper than expected I don't want to get carried away with a strong bearish stance at this point. I see support at 1.0059-72 and also at the 1.0032 low. One of these will hold today and I suspect it will be the higher level. Therefore, only a move below 1.0032 is going to cause follow-through to 0.9962 and 0.9917-32... and at most the maximum MT target at 0.9870. Until that break I feel the larger risk is a reversal back towards the 1.0165 area - so look for sell triggers around the 1.0165-93 area.

MT Bearish:

16th November:   Well, it seems as if the bearish MT targets at 0.9917-32 and max 0.9870 may well be back on track. I suspect we could see a few days of 1.0059-1.0165 (or the full 1.0032-1.0193) consolidation before it breaks lower. However, if we get to those lows that should provide reversal.

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.