Price:   1.5481

Bias:     This still looks positive and while 1.5421-32 supports the larger risk is higher

Daily Bullish:

Yesterday's movement was a bit messy but overall positive and the break above 1.5484 does seem to confirm a move to 1.5581 at least. We're going to need the 1.5421-32 area to remain supportive while a break above this morning's 1.5496 high should provide the catalyst for extension to 1.5522-42 and 1.5581. Take care - this is already an extended wave higher but if this turns aggressive then even the 1.5634-65 area is possible.

MT Bullish:

15th April:           Yesterday's marginal new high does point to a minimum test of 1.5581 and if this turns aggressive it's not impossible to reach the 1.5634-65 resistance. However, this next leg higher should see a solid correction lower.

Daily Bearish: 

I would prefer to wait to observe the 1.5581 area or in an extreme move the 1.5634-65 resistance to look for bearish trade set ups. Only an earlier break below 1.5420 would risk a reversal back to the 1.5313-36 support.

MT Bearish:

 15th March:       There is still minor risk of seeing the 1.5313-36 support but only below there would suggest direct losses to 1.5146-1.5205… Any earlier (expected) rally to 1.5581 (max 1.5634-65) should be observed for bearish trade set ups.

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. (+40 pips)

width=500