Price:   135.98

Bias:     Slightly mixed but with a mild bullish preference

Daily Bullish:

The break below 136.64 provoked follow-through and has approached the 135.17-26 lower support. While the 136.09 area caps in early trading we can still see losses to this support. If a bullish trade set ups develops this should then generate a recovery back to around 136.09 and then the 136.56-85 pivot resistance. It is a break above here that would allow gains to develop more strongly for the next pivot resistance at 137.45-55 and potentially through 137.91-09 to the 138.45 corrective high.

MT Bullish:

22nd March:            The losses on Friday do add a layer of concern but until the 135.17 low breaks it does retain a small window of upside potential. Key resistances are then at 136.56-85, 137.45-55 and 138.38-45.

Daily Bearish: 

Breach of the 136.64 area extended losses to just below 135.73 and while the 136.09 resistance caps there is room for losses to attack the 135.17 swing low, specifically the 135.14-24 area. Take care there as this does have potential to hold and generate a correction higher at the very least. Thus, only below 135.14 would extend losses to 134.50-80 at least and possibly as far as the 133.93-00 corrective low and pivot support.

MT Bearish:

 18th March:        The bearish signs here are stronger and as long as 137.70-90 breaks I feel there is every chance of seeing 136.64 at least - if this breaks then the 135.17 low en route 132.38 again.

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. (+170 pips)

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