Bias: I look for 93.58 to cap for losses to 92.88 before rallying again
Break above the 93.86-94.10 target range changes the complexion of this entire rally. Thus, while I feel the 92.88 area should be tested, I feel it will hold for strength back above 93.58 (this should be tested first before reaching 92.88) and then through to the 94.77 area again. Expect a pullback from that area.
8th April: This is turning far more bullish than I had anticipated and should now hold above 92.30 & probably 92.88 to reach 96.00 minimum with a greater risk of 96.71-97.17 and an outside chance of 97.47-90.
The bearish divergences appear satiated and I really can't see too much more downside. My favored target is at 92.88 which I feel will hold. However, note the next supports at 92.65 and 92.11-30. Only below this lower area would trigger a stronger push lower, initially to 91.45 and then to the 90.88-91.10 pivot and retracement support.
8th March: Unless the 92.80 & 92.11-30 area breaks I feel we should be looking for much higher levels for a selling opportunity. Below 92.10 would signal 91.45, 90.88-10 and 89.75.
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. (+65 pips)