BIAS: We still need to allow for 1.5113-28 before the rally resumes
Resistance:... 1.5170... 1.5190-06... 1.5237... 1.5259
Support:........ 1.5134... 1.5113........ 1.5088... 1.5070
MAIN ANALYSIS: As suggested yesterday, the decline from 1.5259 has been very deep and has forced a slight re-think. I still remain bullish and I feel the rally could theoretically resume at any time. However, I am aware of the downside risk in EURUSD and feel that we may need to allow for the correction to be even deeper - noting the 1.5113-28 area. As long as that supports we should then see the upside resume above 1.5195 and 1.5210-20 to move back to yesterday's 1.5259 high. This is probably well enough for today but note the 1.5276-87 and 1.5320 minor resistance areas.
COUNTER ANALYSIS: A direct break below 1.5100 would confuse and allow a move below to 1.5070-88 and later the 1.5026-45 area.
For more information regarding the support & resistance and medium term outlook please see the attached PDF File.
Good trading
Ian Copsey
HARMONIC ELLIOTT WAVE BLOG
Attached Files
View the original article: http://forexforums.dailyfx.com/blogs/fx-forecaster-com/16453-daily-forecast-gbpusd.html
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