11/06/08 9:54 am - EURUSD: Short triggered, target 1.2585

Short entry order at 1.2770 was triggered, and survived the rebound to the 62.8 Fibo level at 1.2926. Now about to challenge the 38.2% Fibo level at 1.2698. Will tighten stop on a break below that level. Target is 1.2585, stop at 1.2960 (which was also my long entry order).

Downward momentum is accelerating and 1.2585 is a conservative target. The dailies are at a critical juncture today, and are about to break or bounce near the declining AND rising RSI trend lines. The next 2 trading days will likely determine whether we’ll see a retest of 1.2328 or 1.3297.

Support: 1.2698 Fibo62    1.2665 L-10-31    1.2585 H-10-27

Resistance: 1.2812 Fibo50    1.2926 Fibo38    1.2985 HSpptRsst

RSI: Hrly: capped by decl. TL, Dly: supported by rising and decl. TL

Hourly Chart:

Daily Chart:

November 6, 2008 · Filed under EUR/USD

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