Don't you love it when market exceeds your conservative expectation? (The Spillover..... 26 Mar 12)
Given the way E$ has unfolded till now, it has signalled a potential firm close for March and for Q1, which also mean exciting weeks ahead in Q2 for E$ bulls.
Recent high of 1.3486 (before LTRO was announced) is within range now (one more hurdle) and will be the target as I believe decent size stop loss orders should lurk above.
Before we get all psyched up for that elusive bull run, E$ has to clear the next tough hurdle at 1.3390/420 which I recommend the longs to take some profit first. Let the market clear that resistance before re-joining in the next station. This is one time where I will buy on strength and not on dips.
Update1: 1.3385 high so far, objective met for now. Momentum has turned down and the resistance band 1.3390/420 will hold for this round. 1.3360/70 to cap now and expect a correction back towards 1.3240/50 into tomorrow, no positions just yet.
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