Price: 94.26

Bias: I suspect a pullback to somewhere between 93.47-76 before higher again

Daily Bullish:

The 94.71 target was exceeded by 6 pips and from there we have seen a pullback and this should have just a little more to go. I suspect that we'll find a base somewhere in the 93.47-76 area so look for a bullish reversal pattern there. A move back above 94.22 will confirm a move back to around yesterday's 91.77 high but shouldn't break on first test. Though it probably won't happen today the eventual upside target is at 95.30 at least with a chance of seeing 96.15.

MT Bullish:

16th July: Surprisingly we did see break above 93.93 and this triggered follow-through which should reach 94.71-97 minimum. Anywhere above this area then signals tests of 95.30-55 and 96.15. Above there is the 96.97 swing high.

Daily Bearish:

The correction from the 94.77 high is not too far off completion I feel. There is support at 93.40-47 and this should cause a reversal higher. The only way I see any chance of a modestly stronger bearish stance is if the recovery from 93.40-47 cannot make it above 93.85-90. If this occurs and we see a break below 93.40-47 then watch for a test of the 93.00-10 area which I feel would then hold for another attempt higher. Thus only below 93.00 would trigger follow-through to 92.46 and 91.74 again.

MT Bearish:

16th July: I still feel the downside is the weaker although I do see an alternative complex correction. We'll take this step by step and wait to see what happens at 94.71-97 and whether it can break below 92.70€¦ If so the 91.74 low could be retested.

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.