INTRADAY CHART
BIAS: Still quite balanced here…
Resistance: 1.2975-80 1.2990-95 1.3020-25 1.3047-57
Support: 1.2941 1.2915-22 1.2900 1.2887
MAIN ANALYSIS: The chart looks like a drunken slur… I suspect we should see a minor new low at least - below 1.2951 and then we'll have to contend with the possible 1.2915 level. This is critical in the final outcome. A break below will confirm the 1.3047 high as the final high and we should see losses down towards the 1.2829-41 area. However, it will likely not be direct and could still see pullback's higher. There's not a strong correlation between EUR and GBP so we have to work individually.
COUNTER ANALYSIS: Until then there remains the alternative of a break above 1.3047-57 to suggest follow-through to 1.3086 or 1.3100 for a pullback of around 34 points approx and then a move up to the rough 1.3145-65 area. This should provide the final high for daily losses.
Good trading
Ian Copsey
Resistance: 1.2975-80 1.2990-95 1.3020-25 1.3047-57
Support: 1.2941 1.2915-22 1.2900 1.2887
MAIN ANALYSIS: The chart looks like a drunken slur… I suspect we should see a minor new low at least - below 1.2951 and then we'll have to contend with the possible 1.2915 level. This is critical in the final outcome. A break below will confirm the 1.3047 high as the final high and we should see losses down towards the 1.2829-41 area. However, it will likely not be direct and could still see pullback's higher. There's not a strong correlation between EUR and GBP so we have to work individually.
COUNTER ANALYSIS: Until then there remains the alternative of a break above 1.3047-57 to suggest follow-through to 1.3086 or 1.3100 for a pullback of around 34 points approx and then a move up to the rough 1.3145-65 area. This should provide the final high for daily losses.
Good trading
Ian Copsey
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