04/06/09 8:19 am - EURUSD: Bounce likely

I took a 75 point profit on my short, admittedly a bit early. We just hit key support/resistance at 1.3350, the 38.2% and 50% Fibos of recent hourly ranges depeding on what top you pick. That in combination with oversold hourlies make a bounce likely at this point, at least back to the hourly EMA10, currently at 1.3450. I went long at 1.3375 with a stop at 1.3325 (25 points below 1.3350 ). Target is 1.3485.

Support: 1.3350 Fibo38/50   1.3294 Fibo38, HRsst    1.3165 L-4-1

Resistance: 1.3450 Hrly EMA10/48   1.35 Fibo68/79   1.3581 H-4-5

RSI: Hrly: bearish, o/s, Dly: bounced off rising TL

Hourly Chart:

Leave a Comment