EURUSD 26.11.2012 update

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In the EURUSD post dated 16.11.2012, I mentioned that we would be looking to long the EURUSD if  1.2838 was broken. Please refer to chart below taken from the 16.11.2012 posting:

The price has managed just to do so and price closed at 1.2975, a somewhat 137 pips above 1.2838.

I would be looking at the hourly chart to identify the boxes to see if the uptrend momentum is still strong.

If prices manage to close strongly below 1.2946. I would be taking some trades off the table and leaving the rest to a pip profit till it hits its intended target at 1.3039.