Price:   1.4981

Bias:     I feel the correction may be complete - a break below the 1.4955 low would heighten risk of losses…

Daily Bullish:

We did see the push higher as expected yesterday but this stalled 10 pips below the 1.5028 resistance. Indeed, I feel we saw a full corrective structure. Therefore, only a break above the 1.5028-70 area will generate a stronger recovery and if seen would see a minimum move to around the 1.5111 corrective high. Then note potential stalling areas at the 1.5040-60 congestion and then 1.5205-15...

MT Bullish:

25th March:            Given the decline seen yesterday I doubt we'll see anywhere above the 1.5065 resistance and we may not even see this high… Thus, the downtrend is only reversed above 1.5065 and then the 1.5111 swing high.

Daily Bearish: 

I feel the rally from 1.4802 came in a corrective structure and therefore the downside risk remains. A move below the 1.4955 low seen so far would provide price with a prod lower initially towards the 1.4891-97 area and later through 1.4874 & 1.4853 and back to the 1.4802-10 area and maximum the 1.4782 low. In this broad 1.4782-10 area I'd expect a pullback before we can see it lower again.

MT Bearish:

 25th March:        Losses have developed and these should see the 1.4782 low quite soon but I feel it will break to extend the down trend to 1.4665 & 1.4602-29 at least.

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. (+40 pips)