EUR/USD: Price Follow-Through To Just Below 1.0974
Ian Copsey | Mar 25, 2015 12:27AM ET
BIAS: There appears to be a risk of losses to 1.0842-60 before rallying towards 1.1050-70 (approx)
Resistance: 1.0934 1.0952-68 1.1000-29 1.1050-70
Support: 1.0882-90 1.0842-60 1.0805-10 1.0784
MAIN ANALYSIS: Price did follow-through to just below 1.0974 and after a correction pushed above 1.0990-00 to 4-points above 1.1025. With the constraints I had been expecting from USD/CHF, I am a little more comfortable with further gains. However, I suspect that first we should see a pullback to the 1.0842-60 area. With positive divergences we should then see a rally back towards 1.1025-30 and after a correction this could reach the 1.1050-70 area (approx.) Watch for bearish reversal indications but which suggests only for a correction.
COUNTER ANALYSIS: Only a direct break above the 1.1075 high would suggest follow-through to 1.1114 and towards the 1.1150-55 area.
MEDIUM TERM ANALYSIS:
25th March: Am expecting a move to around 1.1050-70 followed by a correction and then another rally that could reach as high as 1.1140-60. Ideally this should cap for losses to renew but we shall need to confirm the reversal lower.
Below 1.0800 would begin to suggest that we have seen a major high and losses could resume - initially to 1.0735-67 but overall lower..
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