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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