Bias: While 0.7001-24 caps the downside does look stronger - below 0.6931 confirms
The 0.7088-13 resistance held perfectly yesterday and there does seem to be a growing threat of losses. Thus we need to take care on the upside and wait for confirmation. If we are to see this then yesterday's 0.6931 low must hold and from here we're going to need a break back above the 0.6980-01 area to test the key 0.7024-44 resistance. Breach should take price back to the 0.7092 high and while a small correction is likely there, as long as that high is broken we should then see the 0.7169-0.7210 area but should cap.
20th March: There is a chance that the 0.6942 high will produce a pullback but should remain above 0.6698-0.6729. From there look for gains above 0.6942-72 and to 0.7068-88 at least and potentially 0.7127 and 0.7210.
The 0.7088-13 target was been reached with bearish divergences in hourly & 4 hour charts and yesterday saw a rather jagged decline to the 0.6931 low. This does seem to be critical and loss should seal additional losses. If seen I shall look for losses to extend to 0.6842-54 at least and I suspect to 0.6815. Take care here as this could cause a correction. Once complete (or the support is broken) the decline should follow-through to 0.6734-53 and 0.6704 at least.
24th March: While the 0.7088-13 area caps a break below 0.7021 would force a retest of the 0.6933-40 area but after a correction much deeper the next support area around the 0.6840-60 lows.
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.