11/25/08 9:28 am - EURUSD: Long at 1.2935

Back to the trading desk after 2 weeks Hawaii. :)

Long consolidation period followed by a sharp advance leaves a convincing bottom pattern at least for the short term, and calls for a move towards 38.2% Fibo at 1.3297. Just entered a new long trade on the pullback after this mornings sharp upmove to the hourly EMA10. Hourly and daily RSIs look bullish and call for more upside. Next resistance is 1.3115, November’s high. Stop at 1.2770, below the rising hourly channel, and hourly EMA20, as well as key support at 1.28.

Support: 1.2802 HSpptRsst    1.2565 HSpptRsst    1.2422 L-11-20

Resistance: 1.3080 HRsst    1.3115 H-11-5    1.3256 L-10-9

RSI: Hrly: broke through decl. TL, bullish, Dly: supported by rising TL, bullish

Hourly Chart:

Daily Chart:

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