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45c64637-fc6b-4529-ad97-cd37b0ca5327

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Wed, Feb 17 2010, 02:47 GMT
by Ian Copsey

FX-Forecaster.com

Bias: While the 1.0710-24 area caps I look for losses to the 1.0596-08 target

Please read the attached PDF file which provides more detailed analysis

Daily Bullish

I feel it will be better to wait for a test of the 1.0596-08 support to look for a better buying opportunity – watch for bullish set ups there. However, before we get there the arly risk is for a pullback probably from the 1.0640-52 area. This should reach the 1.0710-24 resistance but should cap for the final move lower. Only consider an alternative buying possibility on a direct break above 1.0724-57. Once the move higher is confirmed it should move back to the 1.0827 high.

Medium Term Bullish
16th February: I still find the underlying bullish structure a little lacking but while 1.0590-10 supports it should remain the dominant direction. Back above 1.0827-37 would target 1.0927-55 minimum and potentially 1.1021-55.

Daily Bearish

The downside developed nicely and stalled just above the 1.0646 target. This area should support initially (allow for 1.0640-52 again) and more likely we’ll get a selling opportunity at the 1.0710-24 resistance area. From there look for losses to extend below 1.0640-52 and down into the 1.0596-08 target. This should hold for a larger reversal higher. Thus, only breach of 1.0590 would accelerate the decline to 1.0466-97.

Medium Term Bearish
16th February: Only back below 1.0590-10 would open the way for a move to 1.0540-50 and then test the 1.0497 swing low. Break here would break the uptrend and imply stronger losses.

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 are now are available on the Daily Forecast page of my web site within the Trader Package report reviewing the support & resistance levels.

• The Brief Daily Forecaster

Published on Wed, Feb 17 2010, 02:51 GMT