A push still higher Tuesday as we had expected, having stated that "we see an upside bias for 1.0925/27; break here aims for 1.0955".
However, whilst capped by 1.1053 we see bearish pressures resuming for late April and into May and we see bias for a correction lower from here on Wednesday. A break above though, would set a base and more positive tone.
We see a downside bias for 1.0917; break here aims for 1.0859, maybe 1.0834.
But above 1.1036 opens risk up through 1.1053 for 1.1125.
Short-/Intermediate-term Outlook - Downside Risks:
Into May we see bias for a further for a roll lower to the range, then for a retest of the 1.0459 March cycle low.
As we have stated since last year, for 2015 (Q2?), the threat is to PARITY and just below here, .9900, the 78.6% retrace of the entire 2000-2008 bull rally.
Overshoot risk for Q2 is now lower to the .9609 swing low from 2002.
What Changes This? Through 1.1053 signals a neutral tone, only shifting positive above 1.1249.
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