December 17, 2008 06:02

Forex Signal – EUR/USD New Support Levels

By:

12-17-08

5:56a GMT – EUR/USD continued its climb today after bouncing off support at 1.3650 and rising a smooth 400 pips. Pair is technically in the same position as it was for yesterday’s signal: overbought at the moment but the uptrend is strong and intact so we are therefor looking to buy dips. Possible support at two places – 1.3990 and 1.3945.

Trading Idea: look for overbought hourlies to bring the pair a little lower and look for bullish reversal signals around 1.3990 and 1.3945 with longs favored for another run at 1.4175 at least.

(click to enlarge)

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