We have good fundamental reasons to be bullish (APP being cut in half in December). If you are a Bear then you are probably forecasting depreciation in the Euro currency due to German politics. Either way, technicals indicate that we could see one more rally before November profit taking. If you are a Bull are you getting out at MR2 or WR2?


1.20 is definitely resistance, also MR2, with 1.1850 marking role reversal support. Easier to see on H4.


WPP marks support of the role reversal for our previous high/ top of the previous range . This is also a 38.2% fib. WPP targets WR2 - 1.21 marks the top of the range. This would mean a breakout above MR2 at 1.20. Pivot theory tells us to get out at MR2 so you'll need to manage your stop if you are long at this support and in the trade when price approaches MR2 if you see price heading up to WR2.

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