06/19/09 9:21 am - EURUSD: Another Friday Rally?

Sharp rally just hours before the weeks close, a pattern that’s quite common for this pair. Since this rally started after a relatively long period of sideways consolidation above the lower channel line it is likely that it will continue, at least to the upper channel line now at around 1.41.

I went long at 1.3993 with a stop at 1.3845 and a target of 1.41.

Support: 1.3930 HSpptRsst   1.3870 HSppt   1.3805 HSppt

Resistance: 1.4011 Fibo68  1.4050 HSpptRsst   1.4100 HSpptRsst

RSI: Hrly: broke above decl. TL, near o/b, Dly: neutral and turning up again

Hourly Chart:

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