Update for: 2011-02-28 - 2011-03-06
Posted on: Sunday, 27 February 2011 21:04
Short-Term Trend: weak uptrend
Outlook: As discussed in our Medium-Term update on weekly chart, it is unclear if wave (E) has already ended or not. We can't even confirm that wave (D) is over. Thus, the wave structrure does not provide strong evidence right now about the direction of the next big move here. The trending conditions remain slightly bullish but that's the case only as long as the prices remain abv 1.3520 level. A move below there might mean that another strong leg down will be seen.
Having that in mind, we still favor holding our long position, at least until our next update on Wednesday....
Strategy: Holding long from 1.3560 is favorable. Stop=1.3650. Target=1.4010
Next Update: Wed, 03/02/2011, 09:00 - 10:00 CET