Update for: 2012-04-23 - 2012-04-29
Posted on: Saturday, 21 April 2012 15:14
Short-Term Trend: sideways
EUR declined below its previous swing low at 1.3030 but found support at the 1.2995 Fibo level and then staged a nice rally from there. Now, the daily chart remains in sideways trend, but the daily oscillators are trying to turn higher from relatively low levels. Thus, I think that the odds favor the upside as long as the prices continue to hold abv the key 1.2995 Fibo level. As said many times before, a move twd 1.3720 is expected before the next big leg lower takes place.
On the downside, below 1.2995 negates, risks re-test on the 1.2670 level....
Strategy: Longs favored here against 1.2990.