The one-hour chart shows the Euro broke beneath both a price and RSI uptrend line so the pair is still weak. While I think sentiment will ease up at some point, it doesn't seem to be doing so yet and the pair can't get a good rally going to save its life, it seems. I'm getting ready to add another short if price so indicates in the next few minutes.
Resistance is at 1.2301, 1.2388, 1.2416, 1.2574/99, 1.2673/99, 1.2740 and 1.2803. Support is at 1.2248, 1.2135 (50% of Euro's lifetime high/low or 1.6038/.8225), 1.2127, 1.1826, 1.1641 and 1.1432.
Here is the one-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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