Price: 1.1428

Bias: Mixed - but feel that while 1.1479 caps there may still be room for losses to 1.1349 before higher

Daily Bullish:
We didn't see new highs but direct losses which moved down to the low end of the 1.1420-50 support zone. I suspect the risk of seeing a push lower to around the 1.1349 low. However, I feel we should be looking for a bullish reversal pattern from there. From this low I feel we should see gains back close to the 1.1479 resistance. But that should cap. Any stronger bullish stance will require a direct recovery to 1.1479 and breach which would then imply follow-through to the 1.1545 pivot at least and potentially the 1.1603 high again.

MT Bullish:
29th April: Yesterday's failure places the emphasis on the downside. However, I feel the 1.1349 area may well be hard to break and cause a pullback, possibly in a consolidation. Only an earlier break back above 1.1603 would risk a return to 1.1720-40 & 1.1775.

Daily Bearish:
The break below 1.1543 was enough to trigger a solid follow-through which has reached 1.1418 thus far. I feel there may be a risk of a pullback to 1.1479 but look for this to cap - so look for bearish reversal patterns) and for a return back to 1.1418, a small bounce and then follow-through to 1.1335-60 and at most 1.1303. I expect a solid bounce from there. Thus only direct break of 1.1303 maintains the decline for 1.1240 followed by the 1.1157-68 lows.

MT Bearish:
27th April: If I am right in seeing yesterday's rally as corrective then we'll head back lower again soon. We'll have to be careful around the 1.1410-50 area which could stall if this turns into a sideways move - else expect direct losses to 1.1303 & maybe 1.1240.

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