Price: 1.1239

Bias: I feel we shall see the losses below 1.1157 and into the 1.1061-91 support area

Daily Bullish:
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.

MT Bullish:
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.

Daily Bearish:
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.

MT Bearish:
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...

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.