Price: 1.5091

Bias: I feel there is risk for losses to reach around 1.5014 but from that area expect the uptrend to resume

Daily Bullish:
The 1.5143-66 support area quickly gave way and triggered a pullback all the way to just below 1.5080. I suspect there is still risk of losses to around 1.5014 (max 1.4990) and I consider this area as a good potential buying area. From here look for a move back above 1.5060-80 which should extend the recovery above 1.5100 to the 1.5171 corrective high at least. Take care as this could generate a small correction. However, overall I will be looking for price to move back to the 1.5245 high.

MT Bullish:
12th May: I remain bullish and feel the 1.4990-14 area is the most we can expect in this correction. From here look for a move back to the 1.5245 high and then towards 1.5356 at least and probably the 1.5466 resistance.

Daily Bearish:
Losses have been deeper than expected and I feel that while 1.5140 caps we shall see these extend just a little further with my favored target at 1.5014. However, do allow for a small overshoot to 1.4990. I expect a reversal higher from here. Thus any stronger bearish stance will require breach of 1.4990 and if seen would then imply follow-through to 1.4942 at least and where a pullback should be seen at least. Next support is then seen at 1.4885 followed by 1.4820.

MT Bearish:
12th May: Having seen yesterday's moves I still can't get bearish here and we shall need a break below the 1.4990 level to trigger stronger losses. If seen then the 1.4942 corrective low comes into play and then 1.4885 & 1.4820.

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 now available on the Daily Forecast page of my web site.