Update for: 2011-10-10 - 2011-10-16
Posted on: Sunday, 09 October 2011 12:04
Short-Term Trend: downtrend
Outlook: Early last week EUR reached and moved below the 1.3196 level. Then we saw a strong recovery from this Fibonacci level (calcuated from a move that happned in 2008!) upto the other important Fibonacci level at 1.3520 on Friday. On Friday the intra-day charts looked positive but the late-day reversal from 1.3520 shifted the intra-day focus back on the upside. And the daily chart has remained bearish for the entire week. Now, with prices below the declining 21-day moving average and below the 1.3520 Fibo and chart resistance, our focus continues to be on the downside. And I think one can favor a short trade with a stop abv 1.3520. The downside potential however is unclear, the next Fibo level is at 1.2995, so maybe this is a good place to look for buyers to step in.
On the upside, firm break abv 1.3520 negates, risks recovery twd 1.3720....
Strategy: The short side is favored as long as below 1.3520/30.
Next Update: Sun, 10/16/2011.
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