Monday's trading low of .132 Euro printed a Double Bottom. Two things need to happen for a return to the upside. First that .132 Euro bottom must hold and the .140 previous support, now resistance, needs to be taken out on impressive volume. It is very possible those two levels could identify a narrow trading range going forward, which will be incredibly boring and eliminate trading this bank with reasonable profit. The time of the year and general market conditions causes me to suggest the narrow trading range will unfold for the near term, the return to higher numbers will probably be held off until the end of 2013. But as my good friend Dennis Gartman says, All rules are meant to be broken: The trick is knowing when... and how infrequently this rule may be invoked!
The following statement is provided purely for illustration purposes, albeit accurate in it's depiction.
BIR.IR is the boat, IRE is the water skier. Any change in direction of the boat sends the skier to varying extremes of the forward path! The more radical the boat turns the farther out the skier swings!