MAJOR BREAK IN SIGHT
Long term: For the past 2 years the pair stayed in a well formated upwards channel with limits between 0.8300-0.7600. We can now say that the downwards exit of this formation is reliable,with mid term targets 0.7390,0.7200 and 0.6900.The pair has until now given us profits of more than 640 pips,meeting with the second target of 0.7200,moving now towards the 0.6900 target.Target accomplished,total profits of 730 pips.As long as the pair stays below the 0.7400 level and whenever the 0.6900 level will be downwards broken,we can redefine target down to 0.6400 area.We now stand at this critical point,most likely the 0.6900 level is broken,we are now aiming towards 0.6400 and 0.6000.
Short term: In our last analysis we wrote:We can now re enter short aiming 0.6680 at least.We stand in our point even increasing positions now.
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