Bias: Unless we see a break above 1.4833-40 I feel a correction to 1.4672 is more likely
My neck was unceremoniously sliced off very quickly yesterday as price pushed higher right from the start€¦ Along with the general Dollar bearish moves this should mean that we now see larger gains. However, we do have a barrier around 1.4833-40 and until that breaks there is risk of a correction to the 1.4672-85 area. If seen I feel this would provide a good buying area. Any direct break above 1.4840 would likely see direct follow-through above 1.4862 (care) and upwards to 1.4909 and 1.4945-71 to the 1.5035 area at least.
30th April: Yesterday's break higher does seem to confirm gains and while 1.4660 supports this should continue above 1.4840-61 to 1.5035-68 at least. Take care there. Breach extends directly to 1.5179.
Now that we've seen a break higher I feel that any decline will be corrective. I do see resistance at 1.4833-40 and while this holds there is risk of losses back below 1.4736 and to the 1.4672-85 area. I suspect this will hold. Thus only breach of 1.4672 & 1.4644 would frustrate and send price back lower to the 1.4580-00 area which is likely to cause a reaction back higher. Below are the 1.4514 lows.
30th April: Unless the 1.4644-72 area breaks I suspect we'll not see too much in the way of losses. Below there is the 1.4514 lows followed by 1.4395.
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 now available on the Daily Forecast page of my web site.