Price: 0.7272

Bias: Mixed € waiting for breaks

Daily Bullish:
The break above 0.7299-25 and also 0.7340 saw gains reach the 0.7384 target from where we have seen a pullback lower. If I have any preference here it is bullish even if there is a gaping bearish divergence. The problem with this one is that momentum has already reached oversold and the line is so steep that it can break higher. Above 0.7311 would extend back to 0.7360-82. Take care here in case we see a sideways consolidation. Above 0.7382 extends gains to 0.7494.

MT Bullish:
30th April: We saw the break above 0.7125-30 which led to the 0.7297-25 resistance and thus as long as 0.7144-73 supports we are more likely to push above 0.7325-40 to 0.7384 and there is every chance this could see as high as 0.7494-08.

Daily Bearish:
The 0.7384 resistance held perfectly and brought a solid correction. We have to take a little care as there is a small risk of seeing the correction deepen slightly while the 0.7295-11 area caps. A break below the 0.7230-40 pivot support would trigger follow-through to 0.7199 minimum and I suspect 0.7167. However, I see this holding for a reversal higher. Only below 0.7160 maintains losses for 0.7095-16 and max 0.7053.

MT Bearish:
30th April: My suspicion that the upside was about to resume finally came through with a bang yesterday and now only back below 0.7120-40 would cause a whip back lower.

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 now available on the Daily Forecast page of my web site.