Bias: I can't rule out another push higher to 1.3788 (max 1.3853-76) but I feel a correction is due
The uptrend extended with the same vigor and pushing straight above resistance levels to stall at 1.3737. A can't really fit this level into a final peak and thus we must be aware of the risk of yet another (but I think final) push higher today. There is support around 1.3576-1.3610 and while this holds there does remain a good chance we shall see a move above 1.3737 to 1.3788 minimum and at most the 1.3853-76 area. Watch these areas for bearish reversal patterns... Also note the next resistance at 1.3925 and then 1.4015€¦
20th March: I am struggling to identify the correct wave structure here. I suspect that in the daily picture we may be seeing a daily triangle and we are in Wave ^c higher to 1.43. Closer resistance that looks like holding is at 1.3788, 1.3853-76 and 1.3925.
We didn't get below 1.3366-00 - the low seen at 1.3415. Today close support is a little vague but I see some at 1.3610 and stronger at 1.3576 which, while the uptrend remains intact should hold. Thus a break below 1.3576 would suggest a deeper correction with next (minor) support at 1.3520-30 and at 1.3484. This lower level may well cause a small correction. Below there is stronger support at 1.3403-29 and a distant 1.3334.
20th March: We should get a stronger pullback at some point but it doesn't look like coming too soon. The strongest risk if if the 1.3788 resistance caps - if this occurs we may see a decent size correction, but let's see what happens first.
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