Price: 1.1730

Bias: While 1.1690-12 supports I still look for gains to reach 1.1832-63 and later higher

Daily Bullish:
No new lows yesterday but a direct resumption of the upside which has reached 1.1776. I still feel there is more to come and for this support at 1.1690-10 must remain intact. From there look for a move above the 1.1776 high that should then push further to 1.1822-32 at least. Take care as this could see a correction. Overall the higher targets are at 1.1955 and 1.1994.

MT Bullish:
11th May: We really need the 1.1481 support to hold to provide a pullback that would ideally have a target around 1.1955-1.1994 at least€¦ and potentially 1.2100...

Daily Bearish:
I don't see the upside as complete just yet. Thus any bearish stance will require confirmation and the closest support is at 1.1690-12. If we are to see a reversal lower then this support must break. If seen look for a move all the way back to the 1.1603 corrective low. A bounce is possible from here. Breach extends further to 1.1538-52... and eventually 1.1458-74...

MT Bearish:
14th May: With the strength seen I feel there is risk for the pullback to reach 1.1955-94 at least and from there I feel the risk of additional loss is possible. Back below 1.1603 would confirm.

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.

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