1st LONG TARGET in SIGHT !

8 Okt 2012

In this pair we can see almost the same symmetry as in the EUR/AUD pair. Here the long target has almost been reached. For the shorts it might present a perfect possibility to find out about the strength of the euro at this resistance level formed by the last high. Whether or not this might be a good idea should be double/cross checked on the daily and weekly timeframe. Shortterm it might work but for the bigger picture I am not so cheerful about going short for the long haul. NEW longs should either wait till resistance at 0.8111 and 0.8162 has been cleared or buy on any pullback after we have support of former resistance in the back above 0.8111. Any break of this steep - maybe too steep - trendlinie in the price window should raise a flag as a pause of this ascend might be imminent. Watch the momentum as room to the upside is limited once a breakout of the range shown in this indicator occurs. I am willing to play the broadening channel on relatively safe levels and not in the middle of somewhere.