The lower blue line acted as support so far, and the upper blue line as resistance.
The 50 is at the upper line (on the hourly chart), increasing the resistance of this level.
in a downtrend tend to break to the downside, which could bring the target (red line) from my previous post into play.
However, if we break to the upside, that would signal nice momentum.
If you are long, you could set a stop loss just below the upper blue line.
If we break to the upside, you could buy the breakout from the , and target around 8.000 Euro .
Well actually we left the pennant by going sideways, and then moved up, lol.
Let's see if we can sustain this higher levels.
I absolultely expect it to take out our recent lows of around 6.900, and tank lower.