Yesterday the pair bounced from the 1.4476 low to 1.5055 and fell back to 1.4765 overnight. It now appears to have bounced again and I have two long positions. One is from 1.4774 (stop is now just better than breakeven); the second is from 1.4828 which I just opened. This is a little riskier but it's a smaller position and the stop is not very far away. If it can stay above 1.4720/50, it should have some more bounce in it. A decisive close below that would not be good for this pair. On the three-hour chart below, a doji formed on the most recently closed candle. This is somewhat obscured by my buy (the triangle) but since its low is at support of 1.4721 it's a positive sign.
Support is at 1.4765, 1.4750/20(Fib confluence zone), 1.4650, 1.4598, 1.4476 and 1.4389/67. Resistance is at 1.4854/67, 1.4889, 1.5055, 1.5107, 1.5247/63, and 1.5391.
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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