12/18/08 10:09 am - EURUSD: Reversing down with huge volatility
No desire to grab the tiger by the tail here, and watching the reversal unfold after the 200day moving average finally put an initial stop to the Euro’s advance. Looking for a long entry opportunity, but with a selloff of 5 big figures in 6 hours, I have no desire to be early. Eying a 38.2% retracement to 1.3890, or 1.3805, depending on where you set the bottom of the Fibo range. A 50% retracement would make 1.35..1.36 the target. Either way, 1.4718 is likely an intermediate top, and given the high volatility, I wouldn’t be surprised to see a 50% correction of this move before it picks up again. Confirmation is critical before entering any trades.
Support: 1.4191 HRsst 1.4000 HSppt 1.3890 Fibo62
Resistance: 1.4490 HRsst 1.4715 HRsst 1.4865 H-9-21
RSI: Hrly: broke through decl. TL, almost o/b, Dly: turning down from highly o/b
Hourly Chart:
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