Istvan Varkonyi
Marketprog Ltd.
Weekly chart: The drop was stopped at the 20 moving average and thus the exchange rate might be able to climb higher on the chart following the two and a half week long selling period.
Daily chart: The selloff following the fake breakout stopped at the 1,085 levels as it changed direction in the last days of the week. Further advances are made possible if the pair can conquer the 1,0950 levels back, but the resistances at 1,111 and the moving averages should keep a lid on upmoves beyond these levels. The long term uptrend is becoming steeper and this brings with it a possibility of a drawn out correctional phase.
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