MaryJane
Short

Intervention again - and now?

FX_IDC:EURCNY   EURO / YUAN RENMINBI
29 0 5
The main trend is clear - downwards! The bottom trendline which did hold 3 times in the past broke at the 12.01.2015. Since then this support turned into a resistance.
After the Intervention this night the Pair jumped in its trendchannel again and the Chart is building a bearish flag with maximum target @ 6.00.

IMO the Pricerange in between this flag (6.5-7.2) seems to be neutral without any direction.
Clear tradingmarks are the in the Chart illustrated arrows.

Bearish view: Should the Pair fall back under its trendchannels bottom edge @ 7.00, the risk increases that the flag gets triggered. For short positions a sl near the 38,2 fibo @ 7.35 should be installed. (But only if this is according to your own Money managment)

Bullish view: The Pair can trade above its trend channels bottom edge. The actual dead cat bounce could overshoot till its 38,2 fibo @ 7,35. Trading above that Level will stabilize the trend und opens the target @ the trendchannels upper edge @ 7.9. The SL of a possible longposition with target @ 7.9 should be installed a bit under its LOW @ 6.5 (But only if this is according to your own Money managment)

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