12/19/08 9:28 am - EURUSD: 1.3745 key support

The sharp correction continued overnight, and 1.3890 provides initial support. Downside momentum still strong and chart pattern looks incomplete and favors a move to 1.3745, the 38.2% Fibo of the 1.23-1.60 range, and near hourly support at 1.3735. This level will also coincide with the daily EMA10 at that point. I expect a bounce at that level over the next 24 trading hours and set an entry order at 1.3760, tight stop at 1.3695. Target is 1.60.

Daily Chart:

Leave a Comment