Update for: 2012-01-23 - 2012-01-29
Posted on: Sunday, 22 January 2012 17:06
Short-Term Trend: weak downtrend
Finally the prices have moved abv the declining 21-day moving average and the current downtrend has weakened. What's more the daily oscillators have moved on buy singlas, rising from previously oversold levels. Thus, the long side is favored now. To-recap, I turned bearish in December at 1.34/1.35 area and covered at the 1.2870 support. Now, I think it is time to try the upside for a move higher twd 1.3520/1.3720 area. On the downside, only firm and sustained trading below 1.2670 negates, risks decline twd 1.2350...
Strategy: Longs favorable on minor publlback with a stop below 1.2670. Target=1.3520.
Next Update: Sun, 01/29/2012
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