STILL AIMING LOWER ?
Long term: During the last 10 months the pair keeps moving within a range of 115.00-108.00. As long as we stay in the range,we act accordingly.Major technical sign will be the upwards or downwards break of the above mentioned limits,aiming then 124.00 or 100.00.The pair reached the 105.00 level with profits of 700 pips and reacted. Possible target of this reaction is the 111.00 level.Target accomplished,now looking higher,possibly even up to 114.00.The 114.00 level was never reached,the pair stopped at 112.40 and is now correcting towards the 108.00 area,where the major mid term support stands.The technical event of the downwards break of 108.00 is a reality.The pair is moving as described,aiming 105.00 and 100.00.
Short term: In our last analysis we wrote:We can now enter long aiming 109.50.We stand in our point even increasing positions at the upwards break of 108.50 aiming 109.55 and 111.50.
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