Bias: If this is to make stronger gains then it must get on with them soon else the correction will recycle lower…
No break above 1.5474 and that has brought price right back down to it prior corrective lows. There is support here at 1.5311-17 and this is critical. While it holds and we see a move back above 1.5355-65 and more importantly 1.5397 we can look for price to push back towards 1.5470 and the 1.5503-23 highs. This may well be enough for today. However, note resistance at 1.5581 and 1.5619...
23rd April: We seem to be at a critical point at the 1.5311-17 support. While this holds there is room for gains back to the 1.5523 high and if this becomes strong then the 1.5739-60 area at least en route 1.5930 at least.
We may have seen a complex correction with the move to 1.5470 and reversal lower. This generates a critical support area at 1.5311-17. Therefore, any break below here is going to take us back into the recent range with initial support at 1.5289 and then between 1.5220-56. Take care here as if this turns into a sideways move this area can support. Below 1.5220 would imply a total recycling of the correction back to 1.5192 and probably closer to the 1.5143 corrective low.
19th March: Only below 1.5140 would take us back into range and back towards the 1.4960 area.
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. (+165 pips)