Bias: Mixed - waiting for breaks
No break of the 90.94 high and this remains the key resistance that would extend gains towards 91.52 and probably the 91.86-06 resistance. The 89.87-98 area needs to hold while the bullish move is possible...
1st February: The 90.92 high was a valid resistance and there is further at 91.35-44. Above here and then the 91.86 high would see 92.07 and potentially 92.73.
The 90.45-55 pivot support initially held but then gave way for more losses to 90.26. Break of this low would extend losses to 89.87-98. This is the critical support that must hold if there are to be further gains. Thus, breach would allow the bearish trend to resume and if seen look for follow-through to 89.58 and probably the 89.13 low. It is likely that in this broad area we should see a pullback. Note next support at the 88.32 swing low followed by 87.80.
28th January: The 89.08 target was just about met and now I favor the 90.41-58 or 91.05 areas to provide the next cap for the next move lower. I feel on this decline we should be observing the 89.13 low followed by 88.32-42 and then all the way down at 86.93-10.
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 in the Trader Package review.