Price: 1.2746

Bias: While 1.2771 caps the downside could see extension to 1.2602-33 at least & max 1.2569

Daily Bullish:
The 1.2912 resistance wasn't even tested and losses came in a choppy manner as suggested to just below the 1.2700-20 area. I suspect there may be further to go in that case. Early trading is seeing a small pullback higher and I see resistance at 1.2771 & 1.2794 which I feel will cap. Thus, if looking for a stronger follow-through higher this barrier must be broken. If seen then there is early resistance at 1.2831 but I'd actually prefer a scenario looking for gains towards 1.2864-98. Only above 1.29 retests 1.2990.

MT Bullish:
24th February: Price extended slightly more than normal to end at 1.2990 and this now represents the barrier to the upside. Above here should mean that we get a push above the 1.3092 high which would confirm the daily bullish divergence and thus sustained gains.

Daily Bearish:
Losses pushed down to the 1.2700-20 area and just below to 1.2689. I don't think this decline has finished and while 1.2771 caps (max 1.2794) I feel the downside has more chance of resuming. A move back below the 1.2730 pivot area would extend losses through 1.2689 and 1.2661 towards the 1.2602-33 are at least. From this point take care as I think we'll be seeing a base around this area - maximum the 1.2569 support. Thus any stronger bearish stance will need a break below 1.2565 and if seen would retest 1.2512.

MT Bearish:
25th February: The picture is very unclear though I feel the decline is more corrective and should be limited to 1.2569 at the most. Thus only below 1.25660 would retest 1.2512 and probably send price lower to 1.2443 minimum & at most 1.2328-66.

For a description of how to use the report please visit the Analysis page of my website. For yesterday's set ups for two profitable trades for yesterday's The Brief Daily Forecaster please visit the Daily Forecast page of my website.