Posted on May 7, 2009 at 10:20 in Uncategorized by Pierre CharleboisNo Comments »

The support line at 1.3250 held up during the wild market swing this morning and the price has now challenged the upper trend-line. A break here could target 1.35.

However it is very important to look at the structure of the Daily chart and observe to converging resistance factors; being the 200 SMA and the long term descending trend-line.

$1.35 has become a very important pivot point and will decide the general trend for some time forward.