03/19/09 6:43 am - EURUSD: 1.3745 key resistance
The pair is consolidating ahead of key resistance at 1.3745, the 38.2% Fibo retracement of the 1.6037-1.2328 range. Hourlies are struggling with highly overbought conditions, and there’s a good chance that the next hourly peak leaves a bullish divergence behind. But given the strong momentum I’m ignoring that for now and am heavily long at positions between 1.3440 and 1.3640. Stops are in the 1.3490..1.3525 range. Target for half of my positions is 1.3725, the other two positions have a 250 point trailing stop.
Hourly Chart:





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