Bias: The low at 0.9256 leaves open a small window of opportunity for gains to 0.9350-76 - else breach extends losses directly
The 0.9308 resistance was broken only by 3 pips and on the face of things this would suggest a decline lower. However, the low at 0.9256 does open up a tantalizing chance that possibly we could see follow-through higher. Wait for a break above yesterday's high and if seen then the 0.9350-76 area becomes the target but should cap. Otherwise leave the upside alone today until the 0.9186-02 area which should be watched for bullish trade set ups..
26th April: We have seen a messy sideways consolidation and I feel this will either continue with a peak at 0.9292-08 or see a more complex correction back to the 0.9362-83 highs (and max 0.9404-16) before recycling back lower. Only above 0.9418-36 would risk more direct gains.
The cap just 3 pips above the 0.9308 resistance looks positive for additional losses but take care until the 0.9256 low is taken out. Once this breaks the implication is for losses to the 0.9186-02 area. I feel this will hold for a reversal back into the range once again. Thus, only below 0.9172-86 would retest the 0.9158 low and possibly then extend losses further - next support between 0.9090-0.9123.
27th March: Price has seen consolidation for the past few days and this may well continue. Only below the 0.9186-02 would begin to threaten the 0.9158 low. Loss extends to 0.9090 at least.
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. (+10 pips)