Update for: 2011-12-26 - 2012-01-01
Posted on: Monday, 26 December 2011 15:34
Short-Term Trend: downtrend
EUR traded sideways last week in a rather tight range between 1.3020 and 1.3195. The fact that the prices have remained below the important 1.3195 Fibonacci level is a sign that the current downtrend not only remains intact but it is still powerful enough. Thus, as I see no signs of a ST low, I expect weakness twd 1.2870 this week. However, a strong rebound is likely to commence in January, so taking profits on the next decline seems prudent.
On the upside, firm and sustained trading abv 1.3195 negates, signals a ST low is already in place and gains twd 1.3520 will become likely in this case...
Strategy: Holding short from 1.34/1.35 remains favored with a stop abv 1.3240. Target=1.2870.
Next Update: Mon, 01/02/2012
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