BIAS: We should see a move down to the 0.9546 - 76 area before the rally resumes
| Resistance: | 0.9635 | 0.9673 | 0.9708 | 0.9740-45 |
| Support: | 0.9602-13 | 0.9570-75 | 0.9546 | 0.9524-29 |
MAIN ANALYSIS: The rally was seen to 0.9665 - and actually 0.9673. This produced an hourly bearish divergence and could - potentially - develop a head & shoulders. I'm not too happy with the additional 8 points, but I've noted some mildly wayward ratios. What's more, it does tend to match with the outlook in EUR/USD. Thus, we should see losses down to the 0.9570-75 area minimum. Allow for 0.9540-46. This pullback should support for gains to resume and back above 0.9673 and to between 0.9708-45 - max 0.9766.
COUNTER ANALYSIS: A break below 0.9524-40 would suggest losses to around 0.9505 and potentially lower.
MEDIUM TERM ANALYSIS: 29th July: Upward progress is being made and while 0.9550-75 supports we should see gains break above yesterday's 0.9673 high and up to 0.9708 minimum but with a wide target range between 0.9708-66.
Below 0.9524-40 would break the bullish sequence and risk losses below 0.9505 and potentially lower.