THE END OF THE FORMATION
Long term: The pair stayed in a well formated upwards channel for the last 1.5 year with limits between 1.4700-1.3700. This formation broke downwards, following the upwards movement of the us dollar and the problems of Britain.Short term key level is the 1.3400.In case of downwards break of this level we see the 1.2900-1.2800 as the next target. For the time beeing we are short.We remain short as declared previously,profits up to 750 pips until now,meeting the second target.We have until now met with all our targets,realizing profits of 1200 pips.After a short term reaction we are expecting continuation of the downwards movement with lower target at 1.1900 area.Reaction completed,we stand now at the mid term critical support of 1.2700,in case of downwards break we accelerate towards the major target.Movement stopped at 1.2390 higher than our lower target of 1.1900 and the pair is now reacting.As long as it stays below the 1.3300 level,we are expecting new downwards acceleration towards the 1.1900.
Short term: We stay in our points described in our previous analysis: We can enter short at the downwards break of 1.2380 aiming 1.2100 and 1.1900.Profits until now 240 pips.We can increase short positions at the downwards break of 1.2050.
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