02/27/09 9:06 am - EURUSD: Break above key resistance at 1.2720

Looks like we might be getting our Friday rally after all. The pair just broke key resistance at 1.2720 which is also the upper declining channel line on the hourlies, but couldn’t close above it (on an hourly basis). Still, I expect further upside since momentum is very strong. I tightened my stop to entry level (1.2650).

Support: 1.2685 HSpptRsst   1.2603 HSppt   1.2557 L-2-20

Resistance: 1.2720 Fibo38    1.2771 Fibo50   1.2822 Fibo62

RSI: Hrly: Bounced off support at 30, bullish, Dly: capped by declining TL but near 50

Hourly Chart:

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