Price: 1.2580

Bias: Early trading should see 1.2625-35 but then a pullback remaining above 1.2530-50

Daily Bullish:
The 1.2510 support broke but only led to losses to 1.2467 from where we have seen a solid recovery. I feel that first thing we should see these gains extend to the 1.2625-35 area but this should cap. Expect the retracement to reach the 1.2550 area (max 1.2530) following which the upside can follow-through once again. A move above the 1.2635 area would the provoke follow-through to above 1.2671 and onto the 1.2764 high with a final target expected in the 1.2804-31 area.

MT Bullish:
20th February: I was disappointed with the drop to 1.2467 but the recovery is encouraging and I do feel we'll get to reach the 1.2804-31 area at least. I feel this may well cap. However, any breach of 1.2831 would extend gains to 1.2884 and possibly 1.2930.

Daily Bearish:
The recovery following the dip to 1.2467 has been firm enough to avoid a second test I feel. Having altered the wave structure I was considering I see support at 1.2445-62. It was probably satisfied by yesterday's low. Thus only below 1.2530 would raise the threat of a second test but I still feel the 1.2445-62 area will support. Only breach extends losses to 1.2279.

MT Bearish:
20th February: The dip to 1.2467 and recovery was frustrating yesterday and it seems as if we shall have to wait for any losses. The key support I see now is at 1.2445 and thus only below here would threaten a move back to the 1.2124 & 1.2023 lows.

For a full description of how to use the analysis please see the Analysis page of my website.