Bias: I suspect a direct pullback is due from the 1.4777 peak
The rally was much stronger and direct than anticipated and has tested the 1.4777 high this morning. Thus has come with a deep hourly bearish divergence and I therefore feel that we'll have to wait for the next move higher. There does seem to be a chance that we'll see a pullback to the current losses from the 1.4630 area. If seen this should move back towards the 1.4700-20 area but I doubt we'll see above there. Thus, only breach of 1.4720 would threaten a retest at 1.4777. Only above extends to 1.4845-60 before lower.
3rd April: We have seen a retest of the 1.4777 high which has been rejected so far and I feel we get a better levels to buy later and could be as low as the 1.44 area. Only directly above 1.4777 and 1.4870 would imply more direct gains to 1.4984 and potentially 1.5136.
The 1.4777 high has held and with the bearish divergence I feel we shall see a reasonable correction. First support is at 1.4630 and this should hold on first test. However, while the 1.4700-20 area caps look for a reversal back lower that should then penetrate 1.4630 and trigger losses back to 1.4550-60 and 1.4500 at least. Note next support around the 1.4420-50 area.
3rd April: It certainly looks as if the downside will be restricted to corrections only for the moment and I see this probably stalling around 1.4420-50 for now. Otherwise we need wait for the 3rd week of this month for a cycle high to occur€¦
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