07/17/09 10:37 am - EURUSD: The upside continues

The pair tested 1.4060 and clearly rejected it, leaving a bullish kangaroo tail in place followed by a sharp momentum up move. Momentum appears to continue and the RSI is bullish and broke above its declining trend line. A retest of 1.4165 is likely, and a break of that level before end of trading cannot be ruled out. There is even scope for a move to 1.4320 based on the Fibo projection of the hourly price chart.

Support: 1.4060 Fibo62, HSpptRsst   1.4017 Fibo50, HRsst 1.3887 SpptRsst 1.4000 HSpptRsst

Resistance: 1.4165 HRsst  1.4200 H-7-1    1.4235 Rsst

RSI: Hrly: bullish, Dly: neutral

Hourly Chart:

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