Bias: While 0.7130 supports I look for gains to extend to 0.7287-05
Friday's correction stalled above the 0.7042 minimum target and from the 0.7056 low we are seeing the upside being pushed more strongly, thus far reaching the 0.7207 level. I still feel we shall see additional gains but there does seem risk of an initial correction which I see having potential for the 0.7130-60 area. While this holds we can see a second attempt back to 0.7207 and then probable follow-through for gains to reach the 0.7267 high at least. Take care from this point. I also see targets at 0.7287-05 which I feel will cap.
1st April: We are stuck between two alternatives and require a swift resumption of the upside above 0.6910-25 and 0.6968 to maintain the upward momentum for 0.7030-50 and potentially the 0.7092 high again. Above sees resistance at 0.7268-0.7308.
The MT rally continues but is now approaching the key 0.7268-0.7308 target resistance. Thus look for a bearish reversal pattern to develop in this area. However, first thing today I do feel there is a strong argument for a correction lower. A break below 0.7160 should reach 0.7130 but I'm doubtful we'll see anything below here and ore likely a test to 0.7268-0.7308. Thus, only breach of 0.7125 would extend the decline to 0.7106 at least and I feel then to the 0.7056 corrective low. Next support is found at 0.6950-70.
3rd April: Well, we're almost back to the daily 0.7267 high and frankly it looks as if it will eventually break. Thus only below 0.7000 would undermine the immediate bullish structure for a deeper correction€¦
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