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Previously
On the monthly chart we can see a sideways movement with resistence at 1,50-1,52 and support at 1,20-1,17. Since the minimum price of July 2012, we are ranging with top at 1,37 resistence zone. If we clearly breakout this level, the path will be free to return to the top at 1,50-1,52 area.
Price made a potential double top on the weekly 1.37 resistence ie the breakout failed two times in a row. This double top can guide us much more below current price if medium-term turn descending, but its too early to better conclusions about his validity also about the target, I must go one step at a time.
For now, it seems that the medium-term uptrend ended after the daily double top, if so price will breakdown the TL and in principle will go at least to the support zone 1.34-1.33, if so must see what happens there.
on 9 Jan I closed my short position with 3 points loss, because the price didnt want to break the TL.
After, price went again to 1,37 and I re-entered short at 1,3660.
Now price is again approaching the TL, will see...
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The pair brokedown the TL indeed, and maybe we have already a test of the previous swing low. will see if the price continues to descend in order to reach the support zone 1.34-1.33
Previously
On the monthly chart we can see a sideways movement with resistence at 1,50-1,52 and support at 1,20-1,17. Since the minimum price of July 2012, we are ranging with top at 1,37 resistence zone. If we clearly breakout this level, the path will be free to return to the top at 1,50-1,52 area.
Price made a potential double top on the weekly 1.37 resistence ie the breakout failed two times in a row. This double top can guide us much more below current price if medium-term turn descending, but its too early to better conclusions about his validity also about the target, I must go one step at a time.
For now, it seems that the medium-term uptrend ended after the daily double top, if so price will breakdown the TL and in principle will go at least to the support zone 1.34-1.33, if so must see what happens there.
on 9 Jan I closed my short position with 3 points loss, because the price didnt want to break the TL.
After, price went again to 1,37 and I re-entered short at 1,3660.
Now price is again approaching the TL, will see...
___________________________________
The pair brokedown the TL indeed, and maybe we have already a test of the previous swing low. will see if the price continues to descend in order to reach the support zone 1.34-1.33
