Quote:
Originally Posted by admiral 
the second chart is a short term chart , and we can analyse the following from reading technically the chart: 1) if the EURO is able to break again the 1.40 -1.415 level it will continue its uptrend and reach to its previous high of 1.47 .
2) if the Euro breaks below it is previous low of 1.3840 , it will go down till the 1.35 level and maybe below that . 
The first 2 weeks of the new year will tell us which option is the correct one . |
OK , let us analyse what happened since i last posted the above : the Euro tried to push above the 1.415 resistance level during the thin trading session just before new year , it reached an intraday high of 1.43 however it wasnt able to sustain the gains and withdraw to below 1.415 level on the same day.
as you see on the chart i posted last week i draw some lines showing that if it wasnt able to sustain its up move it will go down to the 1.35 level and even below that , today low was reached at 1.33.
for the coming few days the level to watch is the 1.30 -1.32 level to the downside and the 1.35 level to the upside .
if the euro is unable to go up again to the 1.35 level it will surely go down to the 1.30 - 1.32 level , if it manage to go above 1.35 it will reach to the 1.384 level
6th January 2009
