Price:   1.0718

Bias:     I look for a low in the 1.0665-89 area and for the uptrend to resume

Daily Bullish:

Friday's deep pullback was encouraging and does seem in line with the structure I was considering. This we should see a dip into the 1.0665-89 area and here look for bullish trade set ups. From this support I shall look for a pullback to 1.0738-53 and then to 1.0800-07 on the way back to Friday's 1.0849 high. Note further resistance at the 1.0897 high before the stronger 1.0953 resistance..

MT Bullish:

26th April:           No change to the view but tidying up the levels the support now lies at 1.0665-89 and should then trigger resumption of the uptrend back to Friday's 1.0849 high and probably the 1.0897 high en route 1.0953. Expect a correction there before seeing the 1.1067 target.

Daily Bearish: 

I do feel the first part of the day will see losses to 1.0665-89 but that should be it. Thus only below here and 1.0624-40 would completely destroy the bullish structure and suggest follow-through lower. If that occurs then watch the 1.0602 swing low followed by the 1.0555 pivot area. Next is the 1.0501 corrective low.

MT Bearish:

 23rd March:      While I do see some risk of a pullback as deep as 1.0653-76 take care. Only below 1.0650 would confirm the rally is complete and we'd be on our way back lower.

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. (+100 pips)

width=500