Bias: While 1.0323-35 caps the risk remains lower for 1.0243 before a correction
The pullback was much briefer than I had expected and seems to be pointing to a more bearish structure than I had thought… Thus, only a break back above the 1.0335 retracement resistance would provide any earlier relief and trigger gains through 1.0363 and to the 1.0384-96 area at least. From this area take care. There is further resistance at 1.0422 & 1.0448. An earlier loss to 1.0243 should be observed for a bullish trade set up - if seen it should trigger a correction higher.
3rd March: The downside looks more vulnerable. Only back above 1.0440-63 would suggest a deeper pullback - but this could still be within the larger range.
A more direct resumption of losses is pointing to the 1.0323-35 area capping for losses to press the 1.0273 low with break indicating 1.0243. Take care here as this could stall and cause a correction. Thus, only look for more aggressive losses on a break of 1.0243 which, if seen, would extend losses through 1.0205 and to 1.0155.
3rd March: Losses have been developing as expected and while 1.0417-40 caps should maintain the downward pressure to 1.0243, 1.0194-23 and then we need be careful. Only breach would imply 1.0158 and potentially 1.0111.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
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. (+210 pips)