Price: 1.3204

Bias: Cautiously I feel we shall see another attempt lower today towards 1.2930-45 & possibly 1.2864

Daily Bullish:
We saw gains as expected yesterday but these stalled at 1.3342. I can't see too much suggest this is going to follow-through and thus it will be better to wait for confirmation of gains. A break above 1.3230 would definitely help and should then extend the move to the 1.3270 pivot area but what will provide a more robust rally is a break of the 1.3297 high. If seen the odds will begin to favor follow-through above yesterday's 1.3342 high that would signal 1.3430 at least and potentially back into the 1.3498-29 area - possibly 1.3590+.

MT Bullish:
30th March: The pullback should continue into mid week but the favored support will either be at 1.3070-90 or 1.2930-45 and from there look for additional gains. Only a prior move back above 1.3450 would threaten an earlier resumption of gains.

Daily Bearish:
I am cautious with my bearish view because I also feel that the next leg higher should begin at any time. However, this morning's dip is encouraging and a break below 1.3160-65 would generate a retest at 1.3092-1.3112. Take care as I would normally expect a correction there. While this remains below 1.3226-60 the next leg lower should have more chance of reaching the 1.2930-45 area at least and maybe even as far as the 1.2864 area. However, by the time we're getting down to these supports beware of a reversal.

MT Bearish:
1st April: While yesterday's high holds there still remains room for losses to 1.2990, 1.2930-45 and possibly what appears to be a favored target now at 1.2864. Only below 1.2800 would suggest deeper losses€¦

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.