Price: 1.1804

Bias: Take care at 1.1755-74 - only below maintains the downward momentum for 1.1677 at least

Daily Bullish:
Losses developed as expected and stalled at the 1.1830 support on Friday but has extended this morning. Observe the 1.1755-74 support and look for a bullish reversal pattern as this does have potential to hold. If so then we'll need a break back above the 1.1830 area which should act as pivot resistance and if seen should extend gains to 1.1900-05 at least but may find this tough to overcome on first test. next resistance is seen at 1.1951.

MT Bullish:
4th May: We are approaching the 1.1755-74 area which is the last barrier to allow a modest correction to develop. If a bounce is seen then the upside resistance lies at 1.1975 and stronger at 1.2077 and 1.2140.

Daily Bearish:
Friday saw the 1.1830-33 support reached but this morning has broken and this should extend losses to the 1.1755-74 area. Take care as we are beginning to see potential for a bullish divergence. Thus only breach of 1.1750 would extend losses more aggressively to 1.1677 at least. Take care here too as this could then generate a correction. Below is support at 1.1633 and then not until 1.1495-05.

MT Bearish:
30th April: We are on our way down with the only near term supports at 1.1942-69 and 1.1863-94. If these give way then I can't see much (other than the 1.1755-74 corrective low) until 1.1505.

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.