Will the Euro
finally recover from its long downtrend against the Yen? This downtrend on the daily timeframe
- for an overview of this long term trend see a weekly chart - seems to have found a 'temporary' bottom. But, will this shortterm ascend have enough power or buyers to break resistance ahead that comes in the form of a Fibo-Cluster 2 and one from the last high at 103.69. Support -once the shortterm up-trendline is challenged - might be provided from Fibo-Cluster 1 and the magic level of 100. This visibe wedge
, which usually breaks to the downside, will also encounter the longer dated downtrendline which started sometime in April 2011. If the price will reach the trendline it will be the 3rd touch and it remains to be seen if there are enough sellers to push the price back into the channel so that we will have even more prove of a vaild downtrendline (it needs 3 points to make a trendline valid). I guess, there is too much in the way for the euro
to break this obvious resistance clusters . Nevertheless, everything is possible even the opposite.