Bias: While 90.07-14 caps I feel the risk may be lower to 88.49
Losses were seen over Friday down to 89.16. This seems a little too deep to expect a direct resumption of gains. Thus while the 90.07-14 area remains intact we can look for any gains today. Thus only on this break would it be safer to look for follow-through higher. There is minor resistance at 90.45 and stronger at the 90.75 high. Take care as this may cause a pullback. Breach extends gains to 91.08 and probably the 91.29-37 area which again could stall the move. Only above 91.29-74 sees extension to 92.53.
2nd February: The wave structure from the 87.10 low hasn't exactly been bullish and there are several ways to interpret this. However, I now feel that only below 88.40 would undermine the bullish structure. Above 90.75 would see 92.37 & 92.53.
Friday saw the 89.40-46 area break but losses were limited. However, while the 90.07-14 area caps price will still hold a bearish structure. A move below 89.60 would open the way for a move to 89.41 and 89.16 en route 88.92 minimum and I suspect the 88.49 area. Take care here as this could hold. However, do not forget the larger risk this year is bearish and thus break of 88.23-40 raises the chance that we'll see more sustainable losses to 87.10 and below.
29th January: Gains continue and thus we should be aware of what would reverse this. A move below 89.80 would heighten the risk of losses to 88.25-43. If this area gives way then the chance that the larger downtrend has resumed is raised…