Price:   121.24

Bias:     Mixed - waiting for breaks but perhaps there is more risk now of seeing the 122.44-64 area

Daily Bullish:

With EURUSD appearing to confirm that it wants to decline I can't get too bullish. However, with USDJPY firm and the potential for a pullback higher in EURUSD we should be aware of the upside risk that on a break above 121.40 would retest the 121.89 high and this time we should see extension to the 122.44-64 resistance. I feel this would cap and only a break above here would maintain the upward momentum for 123.40-72...

MT Bullish:

3rd March:          Only back above 122.44-92 would retest the 124.52 & 125.23 highs.

Daily Bearish: 

With losses expected in EURUSD I feel the downside should resume here also. This should either come from the 122.44-64 area or a direct break below 120.85 and the 120.39-54 corrective lows. Once seen look for the downside to reach the 119.64 low at least. If seen directly then we may just have chance of seeing follow-through to 118.35-78.

MT Bearish:

 3rd March:       While 122.44-92 caps I still look for a second sharp decline below 119.64 and down to 118.92, 118.33, 117.14 and the favored target at 116.30-78.

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. (+80 pips)