(1 day, log scale)
( little has changed, things working out as expected )
-the April/May negative divergence worked out
-price was meeting resistance in June turned down as expected
-at the time, was just slightly at overbought levels (I would prefer a larger overbought reading for a start of an uptrend)
-we are seeing lower highs. The sequence of lower lows , however, was stopped at the target that I previously indicated (1.08)
- this recent upswing has even been showing some bloody strength
- as expected, the larger time frame (which is in mode) seem to take over again: down
- don't be surprised, though, to see some further - might even touch the resitance line once more. At such a point, however, I tend to expect the not providing any evidence of a strong trend.
In other words: perhaps some further (who knows these days) but the longer term trend will take over again.
The 1.08 target is inevitable (which is not to say 1.05 or possibly even parity are out of the window, it's just that those levels are a tad less likely for now - we need a clear break of 1.08 for that to come into play. It could happen fast, though, once markets realize that "the Greece issue" is FAR from over - even worse: the Greece issue is getting bigger by the day. We just won't admit it).