Price:   1.0402

Bias:     I feel we should see a pullback from the 1.0380-88 area but probably no further than 1.0450-80…

Daily Bullish:

The pullback higher didn't last as long as I expected, stalling at 1.0528. I feel the decline at the end of Friday is almost complete and feel the 1.0380-88 area should support and trigger a recovery back to 1.0449-60 at least and maximum 1.0480. Only back above here would threaten a second test of 1.0528 and possibly 1.0551 before lower again...

MT Bullish:

19th February:        I feel the most we shall see on the upside is 1.0555-88. If this breaks then the 1.0645-51 area should cap.

Daily Bearish: 

The bearish underlying trend remains but I don't think this will develop directly. The 1.0380-88 area should stall this particular decline and generate a correction to the 1.0449-60 area (max 1.0480) from where I feel we should see the next move lower. A break below 1.0380 would extend losses through to 1.0340 at least - take care there - but at some point I am expecting the decline to extend back to the 1.0205-35 area.

MT Bearish:

 19th February:      I feel we are finally seeing the expected pullback but this may only allow 1.0555-88 and overall this should trigger follow-through lower to below 1.0396 and 1.0290-20 towards the 1.0205-23 lows.

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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. (+70 pips)