Update for: 2012-01-30 - 2012-02-05
Posted on: Sunday, 29 January 2012 20:20
Short-Term Trend: weak downtrend
A week ago I favored longs on a small pullback against the 1.2670 level. Depending on your risk tolerance, you are either long already or have missed to enter long by a small margin. I will consider that we have a hypothetical long position. The daily chart now looks quite positive. The prices are above the rising 21-day MA and that's bullish. Of coure, the daily trend is objectively still on the downside because the prices are below the 100-day MA. But based on the presented wave structure, an advance twd at least 1.3520/1.3720 is expected. On the downside, below 1.2870 negates, risks re-test on the Jan low.
Strategy: Holding long from 1.2900 is favored. Stop below1.2870. Target=1.3700.
Next Update: Sun, 02/05/2012.
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