EXITING THE RANGE PHASE
Long term: After a 2.5 months period of range movement (1.15-1.18) the pair failed in keeping the support level of 1.15.As long as it stays below this level,we either have opened short positions aiming 1.1000 and 1.0500,or we stay neutral waiting for new signs of bottom.The pair today stands on critical mid term support area between 1.1200 and 1.1500.Whenever the 1.1200 or the 1.1500 level will be downwards or upwards broken,we will be talking about acceleration towards the 1.1000 and 1.1750 levels accordingly.We can now say that the pair refuses downwards breaking of 1.1200,most likely entering a range phase between 1.1100 and 1.1750. Nevertheless,we stand at a very critical point.The above mentioned level seems to hold.Downwards break of the 1.1100 limit will accelerate the movement and change the mid term trend.The break is now a fact,next midterm target the 1.0500 area.
Short term: We stand in our previous analysis: We can now enter short aiming the 1.0930 level at least.We can increase short positions at the downwards braek of 1.0930 aiming then 1.0500.
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