Price:   1.0000

Bias:     While 1.0019-30 caps the risk is for a break below 0.9976 to reach 0.9890-20 and probably 0.9847-63

Daily Bullish:

The congestion remained messy but with failure below the 1.0064-74 area the emphasis remains lower. Thus, only a break back above 1.0030 would extend the consolidation and more likely cause a push above 1.0064 for the 1.0102 high. I don't think this would hold for long - next major resistance is then found around the 1.0177-07 area. Also note resistance at 1.0225-37.

MT Bullish:

12th April:           Having looked at daily & weekly momentum there isn't much indication of a low being in place. Thus, only back above 1.0103-28 would raise the risk of stronger gains back to 1.0224-35 initially and potentially after that to the 1.0301-19 area.

Daily Bearish: 

The triangle morphed a little but basically remained intact and the break of 1.0010 does appear bearish. However, take care as I feel the 0.9992 support is likely to generate a correction and while this remains below 1.0019-30 I feel we will then get follow-through below 0.9976 and to the original 0.9890-20 target but now I feel the 0.9847-63 area is implied. This should be the most we see.

MT Bearish:

 13th March:       Assuming the 1.0069-74 area caps today the triangle will be complete and thus a break below the 1.0010 low would confirm extension to 0.9890-20 at least and potentially 0.9822-53.

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. (+100 pips)