02/24/09 9:41 am - EURUSD: Another leg down, short at 1.2758

The daily trend remains down for now, even though I believe we are close to a major turn. But need to go with the trend whenever possible, and the hourlies are on the downside once again after hitting key resistance at 1.2822 both on the price and RSI level. I expect a retest of 1.2960 at the very least, but more likely a move to 1.2650 or the rising trend line coming in at about 1.2620.

I just went short at 1.2758 with a stop at 1.2865, target is 1.2670.

Support: 1.2762 L-2-23   1.2650 Fibo21    1.2556 L-2-20

Resistance:1.2771 Fibo50   1.2822 Fibo62   1.2990 H-2-23

RSI: Hrly: capped by decl. TL, bearish, Dly: capped by decl. TL, bearish

Hourly Chart:

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