Bias: While 1.4989-05 supports I feel we can still see another leg higher…
Yesterday was not a good call … I'm not totally convinced at this stage that we'll see the downtrend resume although I feel there is risk of early losses down into the 1.4989-05 area. While this supports I still feel there is risk of another rally. From there - or directly above the 1.5086 corrective high - we should then see gains back to the 1.5216 high and to 1.5246 at least. From this point take care and be aware of bearish trade set ups. While it is possible that 1.5246 could cap there is also a higher target around 1.5330.
16th March: Given yesterday's pullback I have to change the upside targets that could be reached while the 1.4989-05 area supports. The first remains the same at 1.5246 but the second is shifted higher to 1.5330.
The 1.4989-05 area appears to be the crucial support that needs to hold for another rally to develop. Thus only breach would threaten direct resumption of the underlying downtrend to the 1.4855-75 area initially and later to retest the 1.4782 low.
16th March: Yesterday's pullback was obviously not expected but keep your eyes on the 1.5246 & 1.5330 resistance levels for signs of a reversal lower.
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. (+10 pips)