03/06/09 9:04 am - EURUSD: Bearish Hourlies, exited long

The pair failed to sustain the new highs after the break above 1.2720, and left a bearish divergence on the charts, and a break below the rising RSI trendline. I exited my long near entry for a 4 point loss.

There is still scope for the rebound to continue though, but for now the short term indicators are in favor of the bears. Will go long again at 1.2765 with the same stop (1.2470) and target (1.3240) as my previous long.

Support: 1.2630 HSpptRsst   1.2571 HRsst, Fibo21   1.2520 HSpp

Resistance: 1.2753 HRsst   1.2787 Fibo62   1.2877 Fibo79, HRsst

RSI: Hrly: bearish divergence, Dly: failing to break above 50

Hourly Chart:

March 6, 2009 · Filed under EUR/USD

3 Comments »

  1. David Said,

    March 6, 2009 @ 4:11 pm

    what a week that was…

  2. admin Said,

    March 6, 2009 @ 5:10 pm

    Yup, pretty exciting. And still left without clear direction at the end of this week.

  3. David Said,

    March 8, 2009 @ 6:58 pm

    and i think banked a nice amount of pips throughout the commotion….

Leave a Comment