The bearish movement continued and the break out of 88.75 is validated. The lower band of our bevel is now acting as resistance. We are now close to our objective at 88.01 which matcht with the historical lowest of the parity reached on december 18, 2008 and janueary 21th, 2009. So, this level could allow the parity to rebound. However, the break out of this level will give a very strong sell signal. We will advise to keep short positions as far as the lower band of the bevel is resistance. If a break out occur, a correction towards 88.75 is expected but we not advise to trade long positions as far as an exit from the upper band of the bevel will not occur.
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