10/29/08 11:52 am - EURUSD: Consolidation with more upside potential
Missed the long entry last night by a few points, and went long this morning at 1.2855, stop at 1.2710, target 1.2995. Fed decision to drop rate to the expected 1% had little effect on the pair. Growth potential for the US vs. Euro zone is weighed against the interest differential. The hourly trend is up, and I expect a retest of 1.30. Price now at 1.2875. Raised my stop to 1.2795, below the rising trendline and recent hourly support.
Hourly Chart:





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