Bias: Mixed - waiting for breaks
The rally from the 81.70 low looks corrective to me and therefore only a break above the 83.00-06 area will generate stronger follow-through above 83.45 to the 83.65 high at least. This could still cause a correction. Above there note stronger resistance at 83.90-09. I expect this to cap if seen.
23rd March: I feel the risk of seeing 83.90-09 is waning and only back above 83.06-10 would open up a retest of the 83.65 high followed by 83.90-09.
It looks to me as if the rally from the 81.70 low completed at 83.00. Therefore any break below 82.63 and then the 82.40-45 pivot support would provoke stronger follow-through below 82.20 to 81.70-00 at least. This area should provide a correction but overall I will then expect losses to extend to 81.42 minimum. If this breaks then 80.50-76 and probably below.
23rd March: While 83.00 caps look for losses to extend below yesterday's 81.70 low followed by a break of the 81.42 low to see 80.50-76 and below.
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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 potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+75 pips)