The recent recovery is classified as a counter trend move. Now that this recovery has reached the 38.2% retracement as well as the MA200 (not shown) from the down side, I expect the setting of a new lower peak on the medium to longer term charts. After some consolidation pressure should mount again leading to a resumption of the primary down trend. Focus remains on ~1.0230 and the projection at 1.0100 for the next 3-6 months. It is imperative that the resistance cluster 1.0550<>1.0620 holds out over the next 2-3 weeks.
Not a "screaming sell" , but a good opportunity with very friendly risk-reward.
Not a "screaming sell" , but a good opportunity with very friendly risk-reward.
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