Update for: 2012-12-17 - 2012-12-23
Posted on: Saturday, 15 December 2012 11:39
Short-Term Trend: uptrend
Once again the 1.2870 Fibonacci level provided nice support last week as the low was registered on Monday at 1.2885. As you know, the low that was recorded in the previous week wast 1.2875. So, you can see how these Fibonacci levels continue to act nicely as support or resistance levels. Now, sometimes the market touches these levels, other times it reverses right above (or below) there. In this case now, the 1.2870 level was not touched and as result the favored long strategy was not elected.
Now, with the break abv 1.3130/40 on Friday EUR has confirmed that it has likely resumed its uptrend from the July 2012 low. If correct, higher prices twd 1.3520 and 1.3720 are expected until the end of the year and in early January.
On the downside, only a move below 1.3000 will negate this bullish view....
Strategy: Longs favored here with a stop below 1.3000.
Next Update: Sun, 12/23/2012.
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