BIAS: We should now see direct losses to 1.5985 before reversing higher else a break above 1.6077 would reverse higher
Resistance: 1.6046 1.6068-77 1.6095 1.6115-20
Support: 1.6030 1.5998-09 1.5985 1.5965
MAIN ANALYSIS: Yesterday didn't go to plan. Indeed, that price here did not follow the euro aggressively lower forced me to think about the earlier structure from 1.5893. The hourly Price Equilibrium Cloud is flat and the 4-hour flattening out. While 1.6068-77 caps there is still a risk of losses developing to reach 1.5985 (max 1.5965.) From there - or a direct break above 1.6077 - would imply we have seen the low and should then see the upside trend resume. Note temporary resistance at 1.6115-20. Above would see gains extend to the 1.6190-07 peaks and later the 1.6246-59 highs.
COUNTER ANALYSIS: Only below 1.5965 would risk losses to 1.5935 - potential for a correction - and then down to the 1.5893 low.
MEDIUM TERM ANALYSIS:
1st November: Having seen yesterday's developments I am back on the bullish outlook, but with the EUR and CHF still looking for new (Dollar) corrective highs I suspect we could still see the 1.5985 area reached. Overall, while 1.5965-85 supports the risk remains higher to move back to the 1.6259 high and later higher.
Below 1.5935-65 would open up a recycling back to the 1.5850-93 area at least, but could hold for a reversal higher.