At this juncture, price has tested 1.24 with still an upside resistance at 1.2467 (set 10/27/2008) as a triple top on the Hourly while also forming a head and shoulders. It’s also the end of the week. So, it seems quite possible that, with the pair having trended up for 2 weeks now, that a retracement / profit-taking session may be due.
Another test of 1.24 will likely lead to an extension of 1.2457-67. Will look for sellers there and a square up on Friday then back to the 1.2324(S3) or lower.
