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Publish Date11/01/2013 01:31:36 PM
Last Update11/01/2013 01:32:50 PM
Since topping out at 1.3780 in the first week of 2011, the pair has managed to inch lower offering a classical probability of forming a huge descending channel as seen on the provided weekly graph.
Actually, we have a major classical pattern over weekly studies that argued us to suggest selling position for the pair since we have been able to catch a multi-year head and shoulders top pattern. This pattern has started in 2009 and recently prices succeeded in taking out the neckline of the pattern after stabilizing below SMA 50 since August, 2012.
Click on the image for a larger view
Also, AROON-trend- indicator has overlapped bearishly while RSI 14 continued to move steadily below the value of 50.00.
The scientific technical targets of this huge structure reside at 1.11 levels but we define 1.15 to be the first technical objective for our classical study. The ceiling for bears resides at 1.3070.
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