Bias: Mixed - tend to look for the correction above 133.93 to extend
Losses were pretty solid and stalled just below the 134.00 support. I suspect this is probably enough for now and we could begin to see some rather messy consolidation but with a basically bullish undertone. I don't think we'll get a break below yesterday's 133.93 low and more probably see a bounce from between 133.93-134.50 which can then slowly move towards 135.55-65 and possibly as high as 135.93-20...
10th March: The correction now looks complete and therefore I only see upward progress as a correction only and should be held by the 135.65-136.20 area. Only above 136.20 & 136.53 would provide any deeper move towards the 137.04-34 area.
I feel we shall see a pullback at some point but take care as I can see this being quite choppy. I'd rather sit out until we finally see the 135.65-136.20 area tested and look for bearish trade set ups in this broad area. Only an earlier break below 133.93 would risk 133.45-55 but then a recovery back to the 135.19 peak again.
10th March: The losses in GBPUSD have driven this lower but now things should be made complicated by the expected gains in USDJPY and the losses in GBPUSD. Therefore, only a break below 133.45-55 would risk 132.38 again with the next support at 131.09 followed by 128.83.
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