Bias: I feel the 122.32-42 (max 122.74) area should hold for losses to 120.69-96 before correcting higher
The 125.23 high proved to be the final high and thus the downside is the greater risk again. Having said that I don't expect aggressive losses today and look for the 120.69-96 area to hold losses. Thus, look for a bullish trade set up here to generate a correction higher that should move right back to the same resistance around 122.42-74. This may well be the highest we see... Thus, only above 122.80 would imply stronger gains back above 123.19 & 123.65-70 towards the 124.52 pivot area.
24th February: It looks like the upside is complete and thus only back above 122.75-80 would retest the 124.52 & 125.23 highs.
The downside is opening up again though I don't really see this being strong today. More likely the 122.32-42 (max 122.74) area will cap for losses back below 122.00 for yesterday's 121.56 low and probably then the 120.69-96 support area. I feel this is the lowest we shall see today. Thus, only below 120.65 would extend losses directly through 120.02 and down to 119.20-57 at least.
24th February: It seems as if 125.23 completed the correction and thus while the first test of the 120.69-96 area should hold, the downside is later implied for somewhere between 114.60 and 116.60.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
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. (+250 pips)