Thursday, May 11, 2017


BIAS:              There is a risk of an expanded flat

Resistance:   1.0094-06     1.0120-25     1.0145-50     1.0170

Support:        1.0076          1.0061           1.0040-48     1.0024

MAIN ANALYSIS:            Yesterday saw pullback to the 1.0048 low. This developed in 3-waves and therefore risks an expanded flat that has an upside limit at 1.0106. On the assumption that it caps it will imply a recycling back to the 1.0840-48 area - maybe a touch below. From there we should see gains resume and back above 1.0410 to reach towards the 1.0145-1.0170 area at least...

COUNTER ANALYSIS:   Only a direct break above 1.0110 would see those gains directly towards the 1.0145-1.0170 area at least...

Only a break below 1.0030 would suggest that I made an errror in the rally from 0.9992 and therefore we should observe the losses and observe for bullish reversal indications - but must be above 0.9992.

Good trading
Ian Copsey 

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