Update for: 2010-08-23 - 2010-08-29
Posted on: Saturday, 21 August 2010 20:28
Short-Term Trend: sideways
Outlook: In our last week's update, we expected to see a modest recovery followed by further sharp losses. That is exactly what happened, but the upside recovery was actually even weaker than we expected. The Friday's fall is a strong indication that the next leg down of the downmove that started in early August is already under way. The next downside target is near the 1.2347 level, below there, strong support can be expected near the key 1.2146 level.
On the upside, a move abv last week's top is now not expected, if it occurs, it can bring gains twd 1.3000 and possibly twd 1.3200 but even if that happens, another decline is likely to commence later.
Strategy: Shorts favorable at 1.2780. Stop=1.2940. Target=1.2280.
Next Update: Wed, 08/25/2010, 09:00 - 10:00 CET
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