Bias: I rather favor a move to 1.5895-15 before a recovery else breach will generate more aggressive losses
The losses I had expected developed earlier that anticipated and this morning even reached 1.5934. I suspect we could see a move as low as 1.5895-1.5915. However, look for bullish trade set ups here. This should trigger a move back to this morning's 1.5975-85 pivot resistance and probably then up to 1.6003-15. Only above there triggers follow-through to 1.6085-1.6115...
1st February: The downside developed directly on Friday and this morning but I feel the 1.5895-15 area should hold for a modestly firm reversal.
Watch the 1.5895-15 support. It is only if this area breaks that the risk will remain bearish for 1.5832-60 at least. Take care here as this does have a minor chance of holding for a correction. Below extends losses closer to 1.5761 and below there to the 1.5706 low. Also note support at 1.5674...
29th January: I still retain the view that we should see another push lower, probably from the 1.6225 area (approx) and which should reach 1.5979-91 minimum and may just slip a bit further closer to 1.5895. Also note the 1.5832 low. However, once seen I'll be looking for a stronger recovery.
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 along with a new report showing the prior day’s support & resistance levels.