Bias: Overall I look for a correction but it is unclear whether this will be direct or from 95.46€¦
Loss of 97.95 provided the decline to 95.65. What is unclear is whether this has concluded this part of the decline or whether we have one more leg to go. If the 96.69 caps we can still see a final move down to 95.46. Any earlier break above 96.69 would imply a deeper pullback directly which should extend higher to 97.20-30 at least and potentially 97.70. I suspect this higher resistance should hold and generate a new decline. However, do also note resistance at 98.17-31. Only above here allows the uptrend to resume.
19th March: Yesterday's decline raises the risk that we are going to see the 94.69 retracement and we should also consider the deeper retracement at 93.83. While these hold the larger uptrend remains intact. Targets remain at 102.46-103.42.
The 95.65 low has been reached. It is a little difficult to make total sense of the decline from 98.96 and whether it is complete. However, while 96.69 caps there is a chance we could see another low and I see a minimum target at 95.46. Take care here. I would like to see a correction but if this breaks then we'll see extension to 95.06 and this may complete the entire correction from 99.67. However, do also note the 94.69 support and in the extreme at 93.83.
16th March: The potential corrective support at 94.69 and 93.83 remain but I have a growing doubt that this will be seen and we may need to wait to identify a much larger topping pattern around the 102.50-103.50 area€¦Below 96.80 would signal direct losses.
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