Bias: Cautiously I look for losses to continue
Hopefully the break higher to reach the target (and just above) should end this rally and uncertainty. Only look for stronger follow-through on a break above 92.40-60. Only this break would maintain the bullish structure for extension to 93.13-20, 93.75 and probably 94.52...
25th March: The 92.28 target was achieved at long last and now only above 92.40-60 would suggest follow-through to 93.75 & 94.52 at least. Further resistance at 95.08.
Having seen the move to retest the 92.14 high I feel the downside should now once again come under pressure. Take care as given we had a spike higher we could see the opposite today if this is to be a spike high. That should mean the deepest pullback should be at around 92.05-15. If it gets closer to 92.39 again then we'll probably see a more sedate decline. Below 91.69-79 will extend the losses through 91.30 to 91.00-10 and then later to the 90.50-60 area. This should cause a pullback. Note next support at 89.62-82.
25th March: While 92.39-60 caps I expect losses to develop back to 90.50-60 and then below 89.62-82 and down to 88.13 again en route 87.21 and possibly around 86.45.
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)