Bias: I feel we shall see the losses below 1.1157 and into the 1.1061-91 support area
No break of the 1.1280-00 area was seen and this tends to point to initial losses which target the 1.1061-90 area. If seen I feel this should provide a good buying area. Only an earlier break back above 1.1273 would pressure the 1.1301-07 area. This is the critical point that would imply a stronger correction higher. Thus wait for this break and if seen anticipate follow-through to 1.1361 and probably 1.1411. Take care here as this could generate a small correction. Above extends to 1.1473 at least. Next resistance at 1.1562 & 1.1675.
20th March: Further losses make it very difficult to be bullish and to see any sort of more sustainable strength we'll need a break above the 1.1456 corrective high. If seen we should take note of the Fibo retracements at 1.1493, 1.1562 and 1.1657.
The 1.1280-00 area capped on Friday and I feel this will mean that we do see one more push lower. A break below the 1.1216 low seen thus far should extend losses to the 1.1157 low. We should expect a small reaction but overall I expect the losses to extend into the 1.1061-90 area. However, this is where I see good support and feel it should hold to generate a deeper correction. Only breach would see 1.1003 but again I feel this should hold.
20th March: The 1.1238-1.1343 area was swept away to extend losses to 1.1158 and I see potential to 1.1060-91 - max 1.0980-00. Thus only below 1.0980 would imply more aggressive losses to 1.0902 and 1.0747 at least...
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