01/29/10 9:31 am - EURUSD: Dowtrend continues

We’re likely to close the week on a bearish note. New hourly and daily lows are still being made, and there is a good chance for a final breakdown soon. Prices remain capped by the declining trend line and are unable to even rally close to it. RSI is bearish but has remained above oversold. There is no indication that this downtrend is stopping anytime soon ahead of 1.3745.

Support: 1.3830 L-7-8   1.3745 DFibo38   1.3665 FiboExt of Dly Move

Resistance: 1.3986 HSpptRsst   1.4045 HSpptRsst   1.4130 HSpptRsst

RSI: Hrly: bearish, Dly: bearish, capped by decl. TL, near o/s

Hourly Chart:

EURUSD Hourlies 1-29-10

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