REACTION IS OVER,WE ARE MOVING LOWER
Long term: The pair holds the bear trend as long as it stays below the 1.3000 level and the 1.3400 level as an extreme. New downwards acceleration will begin at the break of 1.2900 level, aiming 1.2100 and 1.1900.For the moment we are examining the attemt of the pair to extend reaction higher than 1.3400 or to upwards break this limit,entering a new phase.For the time beeing and as long as the pair stays below the 1.3400 level,we are expecting downwards movement towards the 1.2900 level.We proved correct.The downwards break of 1.2900 is now a reality,most likely we continue towards the 1.2400 area.In the meantime the pair reacted from the lows of 1.2780 creating an upwards channel with limits 1.2900-1.3650.Waiting for new technical data.Midterms we are close to the upwards break of 1.3400,extending the upwards movement towards the upper limits of the channel 1.3700 level.The upper limit was approached,the pair now is correcting possibly towards the lower area of the above mentioned channel,that is the 1.2900.Short term reaction in sight,max towards 1.3400.Reaction completed,the pair facing now the lower area of the channel.Downwards break of 1.3100 will accelerate movement towards second target of 1.2400.The 1.3100 level proved support,1.3350 area the target of this reaction,otherwise we will be looking for a stronger reaction towards the upper level of the channel (1.3900).
Short term: In our last analysis we wrote:We can now go short aiming 1.3000.We have until now received profits of 100 pips.We ca increase short positions at the downwards break of 1.3250 aiming 1.3000.We remain in our view.
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