The Fibonacci :
The Bear dominating the market for the last three weeks, this confirms the strength of the fib. key level (May 2011 high - July 2012 low). We have seen a clear break on daily candle at the end of the week, that will open a chance for this pair to touch 1.247.
The Pattern :
A Double top daily pattern is complete with 355 pips range. That would also confirm the possible next target of this pair around 1.24.
The Target :
Combining that break out target with Fibonacci Retracement we have a possible target area somewhere between 1.24-1.247.
Data :
Next week there are many of important economic data on the calendar especially the Eco Fin Meeting, Eurozone ZEW Survey, GDP and CPI.
The Bear dominating the market for the last three weeks, this confirms the strength of the fib. key level (May 2011 high - July 2012 low). We have seen a clear break on daily candle at the end of the week, that will open a chance for this pair to touch 1.247.
The Pattern :
A Double top daily pattern is complete with 355 pips range. That would also confirm the possible next target of this pair around 1.24.
The Target :
Combining that break out target with Fibonacci Retracement we have a possible target area somewhere between 1.24-1.247.
Data :
Next week there are many of important economic data on the calendar especially the Eco Fin Meeting, Eurozone ZEW Survey, GDP and CPI.