NEAR A CRITICAL POINT
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,after a short term reaction,the pair is now facing the lowest limit of the well described channel (1.3250).This is a critical point,we can either go long or wait to observe if it is now that the downwards break of the channel will take place,aiming then 1.3000/1.2400/1.2100.The 1.3000 target was accomplished,the pair is reacting since and reached the 1.3350 resistance area.Again we are facing a critical mid term level.In case of an upwards break of 1.3350 we will be facing a movement towards the 1.3500 area.
Short term: We can enter long at the upwards break of 1.3360 aiming 1.3500.
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