Price: 92.96

Bias: I look for a recovery to 93.62-93 followed by losses back to 91.79 and later to 90.49 (max 89.91)

Daily Bullish:

The sharp drop below 93.13 saw follow-through to 91.79 from where a recovery is being seen. I feel this has a little way to go yet with the 93.20-30 needing to be watched but I feel the 93.62-93 area should cap. Also note resistance at 94.10. Any stronger bullish stance will need a break above 93.93-94.10 and only of seen will it mean we have see the low already and should then imply extension to 94.70-95.33 at least. Next resistance is at 96.17.

MT Bullish:

9th July: Both consolidation scenarios were totally wrong and it seems we are seeing the second corrective structure lower which I feel will come to an end between 89.91 and 90.49. From there look for a recovery. Only back above 94.10 would imply that recovery occurs directly.

Daily Bearish:

Losses brushed through all supports to extend to the final support mentioned yesterday at 91.69-88. I look for the 93.62-93 area to cap and to generate a final leg lower. Thus look for bearish reversal patterns at 93.62-93. Only an earlier break below 92.34 would suggest this will occur more directly and then we can expect a decline to somewhere around the 91.79 low which should provoke a correction. Eventually, and likely to be tomorrow or at the latest Friday, we should see losses to 90.49 and at most 89.91.

MT Bearish:

9th July: The sudden rush lower really gave us little warning but while 93.62-94.10 caps the risk is still lower to 90.49 and at most 89.91 from where I expect a correction higher. Thus, only a breach of 89.91 would open up 89.19 and then we may have to think about 87.10 again€¦

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.