02/04/10 9:13 am - EURUSD: Likely to find support at 1.3745
The ECB left rates at 1% and the EUR/USD made new lows, currently at 1.3780. I expect prices to slide further towards key support at 1.3745, possibly even below that level. This could be the final “capitulation move” of this multi-day downleg and I expect a sizable correction soon. But the near term continues to be very bearish despite heavily oversold RSIs (both hourly and daily).
My short position is nearing its target. I tightened my stop to 1.4055.
Support: 1.3745 DFibo38 1.3665 FiboExt of Dly Move 1.3422 L-5-18
Resistance: 1.3850 HSpptRsst 1.4025 HSpptRsst 1.4190 HSpptRsst
RSI: Hrly: bearish and very o/s, Dly: bearish, capped by decl. TL, near o/s
Hourly Chart:





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