Bias: While 1.1490-17 caps I feel the stronger risk is follow-through to the 1.1280-1.1315 area
The break of 1.1545 did indeed provide the expected losses to the 1.1405 low and just a few points below. It looks as if we may see an early move back to the 1.1490-1.1517 resistance but I feel this will cap. Thus, only look for a stronger bullish move on a break above 1.1520. If seen then the implication will be a rally back above 1.1542 to the 1.1575-80 pivot resistance. Take care here as this is likely to cause a pullback. Breach would take us right back up to the 1.1683-1.1714 highs.
4th February: We're back at looking for the 1.1280-1.1311 area to contain any downward pressure. Indeed, I feel this will occur but from there we're going to need a break back above 1.1542-75 is required to resurrect the bullish structure for 1.1714+ again.
The support at 1.1545 finally broke and this has provided the decline to the 1.1405 corrective low. While 1.1490-17 caps I still feel there is further to go on the downside. Indeed the next move should retest the 1.1280-1.1311 area but should hold on the first attempt for a pullback. Breach will open up much stronger losses to 1.12 and 1.1126.
3rd February: Until the 1.1714 high breaks we have to look at the alternative and breach of 1.1545 followed by 1.1454 would generate a second test lower to the 1.1280-1.1311 major support. It should hold on first attempt.
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