Bias: I feel this may well be a difficult day with risk of some messy consolidation
Losses were more restricted than I had expected and this seem to imply a short period of correction. If we see a break below 91.04 then we should visit the 90.62-80 area at least. It may even be slightly deeper but probably remain above yesterday's 90.31 low. Therefore, I feel we should be looking at bullish trade set ups in the low side of the range and possibly between 90.31-62. A break above 91.25 would extend gains towards the 91.45-62. Take care there as this could be the high. If not then the implication would be a larger correction back to the 92.03-24 area.
20th January: I remain bearish and only look at the upside for corrections only. Only a clean break above 92.24 would begin to cause doubts.
A break below 91.04 directly would confirm a double top and imply losses to 90.80-85 at least. I feel it is more likely to remain corrective for a while and see choppy losses down into the 90.31-62 area. At this point I feel it will hold. Only break of 90.31 would extend losses to 89.93 but then cause a reversal higher. Any earlier move up to the 91.45-62 area should be observed for bearish trade set ups but only trade if seen.
20th January: Losses haven't been as direct as anticipated but I still remain with a broadly bearish outlook. Below 90.31 and 89.93 would maintain the downside for 89.29-53 and possibly 88.47 followed by the 87.36 corrective low.
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.