Price:   1.0214

Bias:  While 1.0160-70 caps I still look for the final decline to the 1.0040 target (max 1.0010)

Daily Bullish:

We're almost at the final target but it still shouldn't be a direct move. The 1.0092-00 area should support (another support at 1.0082) and this should trigger a correction. Just how far this correction can move is uncertain but broadly the 1.0138-70 area should contain this. The subsequent decline should reach the 1.0040-45 target with now only a small risk of seeing 1.0010. Thus look for a bullish reversal pattern in the 1.0010-40 area that is accompanied by bullish divergences in hourly and 4-hour charts. From there the first move should be back to the early pullback between 1.0138-70 and once that breaks (or if it does so directly) then 1.0350-58 is the target.

MT Bullish:

19th October:

Daily Bearish: 

I don't think we're going to get direct losses and should find the 1.0092-00 (max 1.0082) support should spark a correction. Look to sell into this between the 1.0138-70 area. From there I shall be looking for the decline to the 1.0010-40 area - and the ideal implied target is 1.0040-45. As long as this comes with bullish divergences then that should be it for a few months. Thus, only a break below 1.0010 would extend the losses to 0.9953-79. Note the next support at 0.9880.

MT Bearish:

15th October:     The 1.0066 intermediate target should be reached today but then see a correction that should remain below 1.0140-75. While the daily targets still remain at 1.0010-40 the shorter term wave structure is beginning to suggest a deeper target at 0.9953-79…

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.