The Daily Forecaster

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Bias:        I look for losses to 1.4660 before a correction but while this remains below 1.4850-60 expect losses

The break below 1.4824 generated follow-through although on Friday this was quite limited. However, the downside has followed-through this morning and I still see potential to 1.4660. I suspect from 1.4660 we should expect a correction higher. There will be minor resistance around 1.4710 and then the 1.4760-65 pivot area. Take care as this may stall the rally. However, overall, once a correction has been seen there should be break above 1.4765 to extend the recovery to 1.4850-60 but only above here generates more strength.

Medium Term Bullish
15th April:  I feel the 1.1622 high satisfied the 1.1631 target and thus the downtrend has most likely resumed. Thus only a break back above 1.1547 would open a second test of 1.1622-31 and at most 1.1674-96.

Daily Bearish

Once the 1.4824 corrective low caved in the downside seems to suggest a move through to 1.4530-80. This morning has seen Friday's losses follow-through to 1.4706 but I still feel these should extend just a little further to 1.4660. Here I will expect a pullback to the 1.4850-60 area. Thus only directly below 1.4650 will imply immediate extension of losses to 1.4612 at least. Take care there. Only breach would then generate follow-through to the 1.4580 low followed by 1.4531.

Medium Term Bearish
15th April:  The cycles have been a little erratic but I really can't see any argument for losses beyond the 1.4530-80 area. This decline is a possibility but will need a break below 1.4750. A stronger decline will need a break below 1.4530 now...

For a full description of how to use the analysis please see the Analysis page of my website. This will explain why you should consider the full analysis and not just the bias...  The prior day's set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

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