09/28/08 9:34 pm - EURUSD: Bounce out of Fibo support does not look convincing yet
EURUSD bounced off the 61.8% Fibo retracement of the 1.3881-1.4866 range at 1.4489, but staying close to that level, and charts don’t look like a bottom is in place yet. Market players are cautious ahead of the vote on the $700 billion bailout bill. May go long if the current low holds and the pair bounces when Europe opens, but prefer seeing a clear confirmation of upside momentum first.
The past few days of a slow grind lower favor a final “fallout” before the market turns up again. Need to hit a level that sparks enough buying interest to turn market sentiment around. Next support comes in at 1.4430 (38.2% Fibo retracement of the last upswing). Below that is the 50% of the 1.3881-1.4866 range at 1.4373, which is also strong hourly support.
Hourly Chart:
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