Price:   1.4331

Bias:  While 1.4345 caps I feel the downside could recycle down to 1.4226 before higher

Daily Bullish:

Well losses did reah the top end of the 1.4237-57 support range but the recovery was stronger than I had expected. I cannot rule out additional strength but it's not my preference. To see this develop more directly we'll need the 1.4314 low to remain intact and for a sideways consolidation to develop between 1.4314 and 1.4386 before breaking higher through 1.4403 and to the 1.4445-59 area at least. Take care here as this could cause further consolidation. Above sees further resistance at 1.4475-93 and 1.4527 at least. Next larger resistance is seen at 1.4652.

MT Bullish:

28th August: The bullish structure is back on track and while there are still risks of a return to 1.4227-57 and even 1.4200-08, we should see stronger gains being seen above 1.4486 by next week… I retain the target at 1.4844 to be reached within 2-4 weeks...

Daily Bearish: 

The stronger pullback higher places a different emphasis on the wave structure and my preference is that we should eventually see a break below 1.4314 that should trigger another round of losses through the 1.4280 pivot and then the 1.4257 low but then I suspect that the 1.4226 level will hold for a reversal higher. Only below 1.4225 sees 1.4202-08 again. Also note support at 1.4166-84.

MT Bearish:

28th August:    My bearish scenario was destroyed yesterday and now only back below 1.4200 would cause any damage to the bullish structure.

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.