Bias: I'm slightly mixed here - but if I have any preference it is for 1.6303-16 to support for a push above 1.6371
We saw the anticipated rally to 1.6459 and just above to 1.6467. This has generated a deep pullback but this has support in the 1.6303-16 area and to retain a continued bullish stance we'll need this support to remain intact and break above the 1.6371 high seen this morning. As long as this occurs I'll expect a return to the 1.6459-67 high which should cause a more shallow pullback. However, while this remains above the 1.6380-00 area I will then look for a push up above 1.6467 and to the 1.6533-68 area. Take care here as this should provoke a deeper correction. Thus, only above 1.6580-85 would extend gains further to the 1.6645-50 area.
24th September: The bullish structure has developed pretty much on track and must now remains above 1.6303-16 to generate a push back above 1.6371, 1.6467 and to the 1.6533-68 area from where we should expect a much deeper correction lower.
The losses from just above the 1.6459 target have been quite firm and are stretching the type of pullback we should expect within a bullish structure. However, it doesn't really break down until the 1.6303 support breaks. Thus wait for this break but even then there isn't much more room on the downside with support seen at 1.6244-61 and I'd expect this to hold. Also note support at 1.6212. Below there will risk a retest close to the 1.6113-33 lows.
23rd September: It looks like we shall have to wait for the next stronger push lower. In the meantime be patient and around the 1.6488-1.6521 area should see a cap that will cause a modestly deep correction.
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