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This pair acted in an out of control manner today. This pair smashed through the 0.98 level and beyond, only to come back and retest the same level as support later. This should be very supportive for this pair. The area it now sits above the area, and shows that we may reenter the 0.98 – 1.000 level from before.
A break below 0.98 signals a retest of the 0.97 level, and as long as we are above the 0.98 level, we are likely to drift higher, albeit slowly.
More March 16, 2011 Analysis:
