First pop up above the dark storm clouds since 12 Jan 2010 as shown on the hourly chart. This will be the second attempt to turn upwards. The first attempt on 2 Feb and 3 Feb 2010 ended in failure at the upper resistance boundary of the red channel.
The current breakout above the red channel looks promising but it was unable to remain above the storm clouds. Immediate resistance is the 1.70 to 1.71 resistance zone. Next resistance 1.73 to 1.75 followed by 1.77 to 1.80 zones. Clearing 1.82 confirms a probable major upward change in direction.
However, any sudden change in weather condition will plummet price back to 1.68 to 1.65 support zone. Next support 1.62 to 1.60 zone.
Stay alert and be nimble. Beware of crosswind as the potential flight above the clouds begin.
Posts
No comments:
Post a Comment