Price:   134.60

Bias:     Mixed - tend to look for the correction above 133.93 to extend

Daily Bullish:

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...

MT Bullish:

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.

Daily Bearish: 

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.

MT Bearish:

 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.

For access to my daily support & resistance levels please see the Daily Forecast page of my web site
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 available on the Daily Forecast page of my web site in the Trader Package review. (+100 pips)

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