Price:   91.76

Bias:    While 91.45-55 supports the upside has potential for 92.33 and 92.68-87

Daily Outlook:

The review of the weekly structure has made me bullish but I am aware that this can still be quite choppy. However, there does seem to be a strong chance we shall see gains continue today with the maximum downside at the 91.45-55 pivot support. This should provide a base for gains through 92.07 and to 92.33. Expect a correction from there but limited before a further rally to the 92.67-87 area. Again expect a correction from here and probably a little deeper. Above there is minor resistance at 93.00-11 and stronger around 93.37 which should be the target after the correction from 92.67-87 has completed.

Only a break back below 91.40-45 will imply a completely different outlook and cause losses back to the 90.83 lows, then the 90.53 pivot support and after a correction the risk will be for losses to reach the 89.25-43 area.

Medium Term Outlook:

14th June:      After the review this morning there isn't really much change to the outlook which remains bullish for 92.33, 92.68-87 and 93.37-63 en route 94.45-64. In the larger picture I could envisage seeing 95.76 and maybe even 96.46...

If the 91.40-45 support breaks then look for losses to extend to the 89.25-43 area before correcting higher in a range.

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. (+20 pips)

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