Price: 1.3247

Bias: I remain overall bullish but do still see risk of one final correction lower€¦

Daily Bullish:
Losses seen as expected that stalled just below the 1.3159 support. It is not 100% clear that the correction is complete but at the same time we must remember the larger risk is higher. I see resistance at 1.3266-96 and while this holds there is still chance of a dip to the 1.3087-1.3111 area again. Thus only a direct break above 1.3296 would see the uptrend resume directly. If so then the first stop would appear to be around 1.3343 and m ore likely 1.3385. After a correction from there look for gains to reach 1.3450-80.

MT Bullish:
16th April: The 1.3159-1.3203 area has seen minor slippage and I can't rule out another to 1.3087-1.3111. However, I remain bullish and should soon see this extend back to the 1.3737 high en route and eventual target around 1.43-1.44 approximately.

Daily Bearish:
Losses developed well and has done enough to complete the correction. However, there is a small chance that we could see one more dip before the upside resumes. For this we need the 1.3266-96 area to cap. A move down from this resistance that breaks below 1.3230 and 1.3199 would raise the chance of a retest of yesterday's 1.3146 low and after a correction it is possible to see the 1.3087-1.3111 area tested. I feel this will hold. Thus only below 1.3087 would open the risk of seeing 1.2930-45 & 1.2897.

MT Bearish:
15th April: The call for a stronger move lower was a bit too strong with the 1.3070-92 support holding. If there is to be any further losses then this area must break and would then resurrect the 1.2930-68 support and at most 1.2897 - but then see a recovery.

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.