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Paul Koszarny · 25-03-2003, 05:47

I was stopped on my shorts and today EUR/USD is already 70 pips higher. At the moment it's struggling with Fibonacci retracement line, and also model resistance at 1.0725. There is some potential to gain another 50 pips from the first resistance but the question is how much momentum is still there in the current overbought conditions. The nearest model hour is 14:00CET with support 1.0691, resistance 1.0733. German names seen waiting for another dip towards 1.0660 where good buying will be activated. The market is taking it easy now, so I suppose it is better to wait for a few hours for a pullback.

25-03-2003, 05:47	#4 (permalink)
Paul Koszarny Super Moderator Join Date: Nov 2002 Posts: 322 Rep Power: 0	EUR/USD broke above 1.0651 I was stopped on my shorts and today EUR/USD is already 70 pips higher. At the moment it's struggling with Fibonacci retracement line, and also model resistance at 1.0725. There is some potential to gain another 50 pips from the first resistance but the question is how much momentum is still there in the current overbought conditions. The nearest model hour is 14:00CET with support 1.0691, resistance 1.0733. German names seen waiting for another dip towards 1.0660 where good buying will be activated. The market is taking it easy now, so I suppose it is better to wait for a few hours for a pullback.