Bias: While 1.0603-21 caps I look for losses through 1.0576 to 1.0498-16 before reversing higher…
The break through 1.0648 was enough to trigger firm follow-through but I feel we are not too far from a major low. We should be looking for bullish trade set ups at 1.0498-16. Only an earlier break above the 1.0621 corrective peak followed by the 1.0648 pivot would then extend gains to the stronger 1.0680 pivot. It is above here that would trigger direct reversal higher and a rally that should then move through 1.0727 & 1.0745-55 en route the 1.0803-07 highs.
15th March: It wasn't may favored view but having seen the losses they actually still fit in nicely with a bullish stance but we should see opportunity around 1.0498-16 for bullish trade set ups. Only an earlier break above 1.0648 & 1.0680 signal a more direct resumption of the underlying uptrend.
Having reviewed I still feel there is more downside to come but not as bearish as I had thought on Friday. The 1.0621 area should be the most we see - but allow for 1.0648. We should be looking for bearish trade set ups in this resistance area for losses that should then break back below 1.0576 and to the favored target at 1.0516 - max 1.0498. This is as much as I can see. If 1.0490 breaks then we'll be talking a much stronger bearish structure.
15th March: The break of 1.0646 has extended losses, but on review I feel the 1.0498-16 area is the maximum downside. Only below 1.0490 would open up 1.0373-1.0409 initially but this would look a much stronger bearish structure then.
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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. (+65 pips)