Pivot: 1.3350

Recommendation: LONG positions above 1.3350 with 1.3500 & 1.3590 as next targets.
Alternative scenario: The downside breakout of 1.3350 will call for a rebound to1.3250/140.
Comment: As long as the pair trades above 1.3350, more gains are suggested to 1.3500/1.3590 levels, a breach below 1.3350 will delay the bullish move and open the way to 1.3250/1.3140 levels, you can wait for a pull back towards / below 1.3400 to long the pair !!!

Best Regards

Views: 1102

Comment by Haitham653 on January 25, 2013 at 7:17pm

Florence...If today's close is above 1.3400, It won't make that difference!!

According to the daily chart, the most important level is 1.3520 -09 Nov 2011 low - this level capped the pair in Feb 2012, a daily close above 1.3520 will advance the pair to 1.3858 - 09 Nov 2011 high...

Comment by Florence Lery on January 25, 2013 at 7:24pm

Haitham - Food for thought - different roads can direct you to the same point...

Comment by Haitham653 on January 25, 2013 at 7:28pm

My point is that we have strong resistance at 1.3520, this level may stop the current bullish run ,the pair may top below this level...BUT

If 1.3520 fails, we should visit 1.3800 levels sooner or later!!!

Comment by Florence Lery on January 25, 2013 at 7:31pm

you are right but providing that the bull flag rule applies then we could go as high as 3750 - I guess we will find out soon or later...as the first pole made 350 pips or so...resistance will decide how high we can go...and I will follow your valuable blog for guidance...:)


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