Bias: While 85.88-02 caps I look for losses back to 84.98 and later to 83.79-94
Losses were seen as expected but clearly a lot more aggressive than anticipated. Only back above the 86.05 resistance would suggest a deeper pullback or even a move back into an uptrend. Note resistance then at the 86.50-60 pivot area followed by the broad 86.95-87.19 area...
28th April: If I have any preference then I feel there is still room for losses to retest the 83.79-94 area and from there look for bullish trade set ups for a resumption of gains.
The downside has been robust and should still have further to go. Look for a cap in the 85.88-02 area - while this caps I look for resumption of losses below the 85.45 pivot support and onto yesterday's 84.98 low area. Expect a small pullback but then follow-through to 84.19 minimum and I feel the 83.79-94 area is more at risk. However, I feel that should hold...
28th March: The larger correction has developed as warned and cautiously I look for the 83.79-94 area to provide a base.
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