Bias: While 1.4989-05 supports I feel we can still see another leg higher…
The 0.9205-12 target area was achieved and currently we have a pullback. While the 0.9164-71 (preferably the higher) support holds we should see a push back higher to 0.9190-06, a minor correction and then onto the 0.9244 resistance. I feel this will hold for a pullback. Therefore, only above 0.9245-50 would extend the rally more directly into the 0.9276-90 area.
17th March: We have seen breach of 0.9195 and while the 0.9244 rea should be the first stalling area I do expect the 0.9276-90 area to next be seen before a correction. Overall, this sort of move does seem to imply a retest of the 0.9404 high.
At this point it does look as if the downside will be generated by corrections only. Watch for one such correction at 0.9244 but also note the 0.9276-90 resistance area. Only a direct break below 0.9164-71 would generate stronger and immediate follow-through lower to 0.9136 en route 0.9050-75.
16th March: We have to be careful here. Only below yesterday's 0.9094 low would confirm a deeper pullback below 0.9048-56 and to the 0.8987-93 area at least and possibly as low as 0.8952.
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