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The Daily Forecaster


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by , 01-02-2013 at 09:06 PM (613 Views)
[B]BIAS[/B]: We should see stronger losses resume today

[B]Resistance[/B]: 0.9199 0.9210 0.9231 0.9244
[B]Support[/B]: 0.9170 0.9155-60 0.9135 0.9117

[B]MAIN ANALYSIS[/B]: Yesterday's whip lower and whip back to new corrective highs was a bit drastic but has cleared out the recent consolidation and opens the door to resolve the downside test. The 0.9170 area looks important and ideally I'd prefer a push back to the 0.9210-30 area. If seen I feel that will generate a reversal lower and begin a move back down to around the 0.9077-83 lows and may see a minor correction again. Overall this should imply a move down to the 0.9020 projection target.

[B]COUNTER ANALYSIS[/B]: Only above 0.9235 would concern. There is minor pivot resistance at 0.9245 and what looks to be firmer resistance around 0.9268-82… Only above there sees 0.9311-21…
A break below below 0.9170 would also risk direct losses but still with the outcome of a retest of the 0.9077-83 lows, pullback and later an approach to the 0.9020 projection target.

For more information regarding the support & resistance and medium term outlook please see the attached PDF file.

Good trading
Ian Copsey

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