Bias: We are now at a critical juncture - either we see direct losses below 1.0213-37 or a push to 1.0360 before losses
Well, we saw a peak in the middle of the 1.0293-1.0318 resistance range. This has been enough to satisify a minimum correction but the structure is open to one more push higher with the ideal retracement target at 1.0360. If this is to happen then we should see the 1.0213-37 support hold. If a bullish trade set up is seen in this area then look for another push higher back above 1.0276 and into the 1.0301-18 area. This is likely to hold on first test but after a correction look for follow-through to the 1.0360 resistance. This should cap else see stronger follow-through...
23rd March: I still have a target around 0.9907 at least but yesterday's strength appears to suggest we shall see a retest at the 1.0316-19 highs. I suspect they'll hold but watch the 1.0360 resistance also.
With a minimum correction seen we should be on alert for resumption of the downtrend. However, we have to be cautious as we are at a stage where this could go either way. Ideally the 1.0213 area should support while there is still a chance of gains. Thus, only look for stronger losses below 1.0213 and 1.0186. If seen then losses should revisit the 1.0150-69 area at least. Take care here as a reaction is possible. Breach will extend losses down through 1.0130 and to the 1.0062-97 area.
26th March: Frustrating but it seems as if we have yet to see a further test of the 1.0316-19 peaks (maybe even 1.0360) before we can see losses. The 0.9907 target is still the favored target.
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. (+105 pips)