Bias: While 1.0692-13 supports there is still risk of gains to 1.0785 followed by the 1.0840-44 area
Yesterday's levels didn't work out at all so clearly the structure I was considering was wrong. However, I still see momentum as overall quite firm and feel that while the 1.0692-13 area supports the greater risk remains higher. A break above 1.0743 will assist to extend gains towards 1.0767 and yesterday's 1.0785 high. Take care in this broad area as a correction should occur but once complete should then follow-through to the 1.0840-44 resistance which I feel will cap. Next resistance is at 1.0868-97.
9th April: There's no change to the bullish scenario but just the levels to watch for. The 1.0840-44 area could provide a pullback but then later extend gains to 1.0897 and possibly towards 1.0938-58 before a deeper correction.
I have to be careful as yesterday I obviously followed the wrong wave structure. While I feel this is still bullish there does seem to be a clear break area in the 1.0692-1.0713 area. Thus, only a break below here will see stronger losses initially to the 1.0640 pivot support. Below is stronger support at 1.0584-1.0610. Any earlier (preferred) rally to 1.0840-44 should be observed for a bearish trade set up.
9th March: With the adjustment to the wave structure note the 1.0840-44 area for a correction followed by the 1.0938-58 area (estimated) which could cause a deeper pullback.
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. (+95 pips)