Price was around the area noted below back on Tuesday´s post
Price reached the upward areas marked back on Tuesday. Lack of agreement regarding Greece prompted the pair back into 1.2770-1.2724, as was possibly expected, in which responsive buyers acted towards news highs at 1.2899 which (not coincidentally) is quite close to the POC at 1.2903.
Nevertheless the move towards the downside was not expected, the action of buyers into a previous demand zone proved to be positive for the pair to reach new highs this week.
Alternatively -following last week´s move- I am switching my stance towards “neutral”/long. The reason for not adopting a full upward trend is that 1.2800´s have not been fully breached and last week for sellers to mantain pressure.
I tend to pay special attention towards the development of symmetrical profiles, as either accumulation or distribution, depending on the context and location. In this case, when near the bottom-end of price, it is usually a strong clue of further upside that should not be passed. Specially if followed by a vertical development in terms of price action, as it happened.