Bias: Cautiously, while 89.49 holds I feel we should see extension to 88.33 before a larger correction higher
The 88.76 target was met with 3 pips variance. The resistance at 89.50 is critical and while it holds there is probably a stronger risk that we'll see 88.33 first. Watch for a bullish trade set up there as this should trigger a deeper pullback. Only an earlier break above 89.50 would extend gains more directly to 90.04-26. However, that should be the most we see.
25th February: Only back above 90.30 will trigger a larger reversal otherwise wait for a test of the 86.90-00 support for a stronger recovery.
The bounce from the 88.79 low has reached key resistance at 89.50. Cautiously, while this remains intact I feel we should see a return to the 88.79 area, a second (but shallower) correction before follow-through to the 88.33 target. That should hold. Only an earlier break above 89.50 would test the 90.04-26 resistance and that should be observed for bearish trade set ups.
24th February: While 90.50-85 caps look for losses to 88.33-76 and eventually to the 86.90 target.
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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. (+200 pips)