Bias: While 97.78 supports look for gains close to 98.86 again
The 98.30-37 resistance was not touched yesterday and instead we saw losses deepen all the way to the 96.20 support and just below at 95.98. However, this low should now be the spring board for the final rally to the 102.-103 target. Today should see 97.78 support and extend the immediate rally to the 98.86 high. However, this should trigger a correction and I suspect this is going to stall around the 97.42-78 area again. A break above 98.86 would provide the momentum for a retest of the 99.67 high at least...
30th March: We are coming towards the major cycle high and thus I see strength over the next 5-8 days but above the 99.67-95 area to go on to reach the 102.46-103.20 target.
Breach of 97.70 and then 97.38 had a big enough impact to send price all the way down to just below the 96.20 support. I am aware of the larger daily cycles finding a high and thus we do need to understand that any drop now below 97.40 and 97.03 could prove fatal. If seen then expect a retest of the 95.98 low and if it breaks then I feel we may have seen a major high already and thus expect stronger losses to 95.31, 94.80 and finally to the 93.54 low...
27th March: The rally continues and I feel the most we are likely to see on the downside is around 96.00-25. Thus only begin to look at stronger losses below here and 95.30€¦ If seen it should cause a retest at 93.54.
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