01/22/09 9:48 am - EURUSD: Turning down again, short entry set at 1.3015

The pair has stalled ahead of the falling hourly TL, and 1.3083, the 50% Fibo, is now good resistance. The rising RSI TL has broken down, and I expect one more stab to the high side before a sharp downturn towards 1.2750, potentially 1.2670. The hourly and daily trends are down, so the short trade is with the flow. Set a short entry at 1.3015 (just below the 38% Fibo at 1.3024), stop 1.3115, target 1.2755 (conservative).

Support: 1.2823 L-1-21   1.2750 DailyTL   1.2760 FiboProj, Daily TLs

Resistance: 1.3023 Fibo38   1.3083 Fibo50, HRsst   1.3140 declTL, Fibo62

RSI: Dly: bearish, Hrly: broke below rising TL

Hourly Chart:

Leave a Comment