Bias: Ideally I'd actually like to see this correct higher to 1.5178… However, the downside is vulnerable & MT losses are expected
Whew… there wasn't much time to prepare for that extent of loss… It's a bit difficult to call this higher as I do still feel there is more downside to come. Thus, only contemplate the possibility of a deeper pullback (which I'd actually prefer to see) if the 1.5014 high seen so far breaks. This would extend gains to 1.5038-73 en route 1.5100-09 and at most 1.5178.
2nd March: There doesn't seem to be much point in looking for any strength here unless the 1.5180 and 1.5246-66 area breaks. I feel more likely the next buying opportunity should came around 1.4629 at the earliest.
Given the size of losses yesterday we'll either see a day of consolidation or complete panic again. Below 1.4898-18 would imply losses back through 1.4835-60 to the 1.4732 low. At all times watch to see how this correlates with EURUSD and the expectations there (which are not for panic losses.) Only below yesterday's low would extend directly through 1.4734 & 1.4681 and to 1.4629 at least. Also note support at 1.4555 and 1.4406 if a move like yesterday occurs again.
2nd March: The mid-1.40's targets came very much closer yesterday and while 1.5178 and 1.5246-66 at the most (very unlikely) then the downside targets are at 1.4629 minimum followed by 1.4555 and 1.4406.
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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. (+85 pips)