[B]BIAS[/B]: I feel a lot of today could be sideways consolidation
[B]Resistance[/B]:... 1.0459-72... 1.0485... 1.0502... 1.0523
[B]Support[/B]:........ 1.0418-34... 1.0405... 1.0388... 1.0367
[B]MAIN ANALYSIS[/B]: The early correction did stall close to 1.0422 - just 2 points below - and saw a seesaw day up to 1 point below the lower 1.0460 target. I think there's a chance that we may even see 1.0472 but otherwise we'll be due a correction lower again to the 1.0418-34 retracement zone. From here we should then see a rally above 1.0472 and to above 1.0500 - the estimated target around 1.0523-52. From here expect a correction lower.
[B]COUNTER ANALYSIS:[/B] Only a break below 1.0400 would
[B]BIAS[/B]: While 95.62-72 supports we should see extension to 96.30-45 before a correction lower
[B]Resistance[/B]:... 96.12... 96.30-45... 96.60-76... 97.02
[B]Support[/B]:........ 95.81... 95.62-72... 95.30-37... 95.19
[B]MAIN ANALYSIS[/B]: Price rallied strongly and very directly. I see support around the 95.62-72 area that should provide a final move higher in this section of the rally to the 96.30-45 area. From there I feel we may well see a deeper correction that would ideally reach the 95.37-72 area again. (Keep in mind the 95.19 pivot support if it is very deep.) Once the correctioon is complete we should see another strong rally.
[B]COUNTER ANALYSIS[/B]: Only a break above
[B]BIAS[/B]: We should now see losses to 1.2840 and 1.2803
[B]Resistance[/B]:... 1.2967... 1.2985... 1.2995-00... 1.3030
[B]Support[/B]:........ 1.2923... 1.2911... 1.2881........ 1.2864
[B]MAIN ANALYSIS[/B]: Yesterday was always going to be a cautious one. The downside did see a marginal new low but then a correction that stalled at the 4-hour Price Equilibrium Cloud. We have two options here - the first being that we saw a completed wave at 1.2881 and the second that the low was only part of the decline. I tend to feel the latter is more likely. This would imply that we should see losses back down to the 1.2864-81 area en route the 1.2840 projection. From there expect somewhere around 40 points in a
[B]BIAS[/B]: I feel there is a risk of a move straight back to 0.9566-83 before recycling lower
[B]Resistance[/B]:... 0.9476-86... 0.9508-15... 0.9535........ 0.9566
[B]Support[/B]:........ 0.9448........ 0.9430........ 0.9399-09... 0.9373
[B]MAIN ANALYSIS[/B]: The upside failed to reach even the 0.9574 target, stalling at 0.9566 but which is actually still within a valid projection area. The drop to 0.9450 should have completed the first leg of a broad sideways consolidation. Note the 0.9430-48 support. However, I feel that this morning's 0.9450 may well have satisfied the first leg and thus I expect a choppy rally with immediate resistance at 0.9508-15 and then higher at yesterday's 0.9566 high but allow
[B]BIAS[/B]: While 1.0345 caps we should see a pullback to 1.0284-05 before higher again
[B]Resistance[/B]:... 1.0345........ 1.0367-74... 1.0391... 1.0402-17
[B]Support[/B]:........ 1.0284-05... 1.0266........ 1.0237... 1.0218
[B]MAIN ANALYSIS[/B]: Price extended a little more to 1.0312 before a pullback to 1.0266 and from there approached the 1.0334-45 area. Still allow for 1.0345. From this resistance area I look for a correction back to 1.0305 and possibly 1.0284. This should support for a rally back to 1.0345 and possibly the 1.0367-74 highs. After a correction the 1.0391-17 area looks like a probable target.
[B]COUNTER ANALYSIS[/B]: Only a break below 1.0280 followed by a break