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