EUR/USD 1.4390 – 18 December 2009

EUR/USD Open 1.4343 High 1.4531 Low 1.4308 Close 1.4337
Euro/Dollar continued the descending movement after the upward correction at the beginning of this week. On the 3 hour chart the ascending correction was limited at 1.4682 from where the the currency couple continued dropping, which is also normal for the Dollar before the New Year. On Thursday the Euro made the bottom at 1.4308, and closed the day at 1.4337 after significant downward movement. Clear figures on the chart can always point upcoming movement direction. Our expectations are for the bearish scenario to remain intact with objectives towards 1.4230, followed 1.4146. In upward direction, the nearest resistance is 1.4423. Break above this level might trigger further increasing impulse towards yesterday’s top 1.4531. The CCI indicator is leaning downwards on the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 1.4423 1.4531 1.4657
Technical support levels: 1.4308 1.4230 1.4146

Trading range: 1.4400 – 1.4340
Trend: Downward
Sell at 1.4390 SL 1.4420 TP 1.4350


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