Bias: While the 98.49-63 area caps I feel we should continue to see losses below 96.57
Well, losses were seen but the 97.20-50 area gave scant support but allowed losses to continue to 96.85 and just below to 96.57€¦ The downside should still have further to go and thus I doubt we're going to get above 98.49-63€¦ If we do then the 98.94 area should then cap. Thus, any stronger bullish stance is going to require a break above 99.00 and if seen should move towards the 99.47-67 area. Take care there. Only above extends gains to 100.40-855.
9th March: Thursday's reversal is more likely to cause a correction lower but while this remains above 93.80 I still see the outcome being a test towards the 102.00-50 area.
Losses dipped a little beyond my expectations but this should set up further losses. There is quite firm resistance around 98.49-63 which I feel will cap and generate losses through 98.10 and then down through 97.60 and 97.22 and back to the 96.57-80 area at least. Take care here as this could see a correction. Any deeper move lower will require breach of 96.57 which should maintain the downward momentum for 95.54-86 at least.
9th March: Thursday's key reversal day should be enough to confirm a deeper pullback now and while the 98.49-94 caps I will expect these to extend below 96.57 and onto 95.54-86 at least and probably 94.69€¦ However, also note the max downside at 93.83.
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