Thursday 21 March 2013

Breaking down

All indices are alarming today. FTSE and DOW broke down their upward channels.
My long term chart on FTSE shows a nice reversal at the top of the blue resistance. Now it has also broken down the orange channel.
The downward channel EURUSD is still showing weakness. The red channel on EUR may get a 3rd touch on its upper wall today or tomorrow. After that, further weakness awaits.
Same is valid for GBPUSD but I think is one looks weaker in the medium term. The green channel may get a third touch before resuming downfall. I would sell the pound here with a target of 1.45-1.46.

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