EURUSD—at support

As I wrote last week, the 1.3651 to 1.3697 area is good support for Euro because of fib confluence. It touched a low of 1.3649 just now. Depending on price action, and more importantly momentum, either a short or a long could be in the cards. My remaining long from 1.3587 profit-stopped out at +80 pips so I'm flat.

Next support is at 1.3635 (the top of the triangle it broke up from). After that, support is at 1.3561, 1.3531, and 1.3435. If it turns up again, look for resistance at 1.3721/26, 1.3796, 1.3839, and 1.4026.

Here's the three-hour chart:




















© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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