November 26, 2008 05:12

Technical Analysis – EUR/USD Buying Dips

By:

11-26-08

3:26a GMT – EUR/USD bounced off 1.2800 support last night and rose quickly over 200 pips to 1.3060. The pair is still technically bullish in my eyes, though I am looking for good dips to buy on.  Major caution on the charts is an overbought RSI, but there is certainly still room to a run and a few hours of loss will clear room for another long run. Nearest support levels are at 1.2950 and 1.2800.

Trading Idea: I am looking for the more conservative trade around 1.2800 support. Look for bullish reversal signals around this area with long targets favored toward 1.2950, 1.3050 and eventually 1.3200

(click to enlarge)
 

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