Price: 95.79

Bias: While 95.49-66 supports the upward ratcheting can continue

Daily Bullish:

We appear to be in a very, very messy irregular triangle and thus we need to be careful at all stages. The ideal route for this would be for losses from the current area to extend down to around 1.3800-10. If this is seen then look for reversal patterns there as I feel a move higher is still needed before the MT downtrend can continue. Any earlier break above the 1.4000-11 pivot area would provide an earlier recovery up to the 1.4045-65 area at least but we should also allow for 1.4108. Only above 1.4110 would generate final rally to the 1.4177-1.4212 resistance before reversing.

MT Bullish:

25th June: The rally stalled below the favored 1.4177-1.4212 resistance and only a move now above 1.4108 would resurrect the possibility if seeing this test. If seen I feel it will provide a good selling area.

Daily Bearish:

The correction from the 96.56 resistance has been moderately deep and is close to forcing me to concede further losses but before this can happen the 95.66 support must break and although I feel this will probably mean that the downside will become stronger again I also see support at 95.49. Thus breach here would generate stronger follow-through to the 94.87 low and probably the 94.26-55 area. I feel this would hold for a correction higher... Then note next support at 93.84 and 93.38...

MT Bearish:

26th June: The 96.04 level broke and does therefore appear to imply gains to 97.00-19 again. Thus only a break below 95.49-66 would open up the bearish door again for losses to 94.26-55 and after a correction to the 93.84 and 93.38 areas at least.

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.

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