Following the break of long-term trendline resistance (1.6038) in July, and subsequent break of supply from 1.1857/1.1352 in August, buyers made an entrance in November, up by 2.4 percent. December trading higher by a healthy 1.9 percent argues additional upside may be on the horizon, with ascending resistance (prior support – 1.1641) perhaps targeted. The primary downtrend (since July 2008) remains intact until 1.4940 is engulfed (May 2 high [2011]). Brought forward from previous analysis – In tandem with monthly buyers, daily buyers squeezed through the upper perimeter of an early descending wedge pattern … (full story)
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