EUR/USD 1.4377 – 28 December 2009

EUR/USD Open 1.4373 High 1.4414 Low 1.4235 Close 1.4383
Euro/Dollar made a rising effort last week, from the 1.4235 bottom, reaching a peak at 1.4414, where further bullish momentum was limited, closing the week at 1.4383. This fact should keep the bullish pressure on the European currency for now with next objectives towards the psychological 1.4500. Signals are expected to remain upwards, but we will look for a coherent movement above 1.4414 to confirm the upward trend continuation. As we see a double bottom in this zone from last week, on the 15 minute chart, that resistance might appear difficult to penetrate. The nearest support is 1.4323, the break of which may weaken the bulls and could lead to further weakening of the Euro towards Wednesday’s bottom 1.4323. The CCI indicator is positive and quiet on the 1 hour chart, suggesting insignificant upward pressure.
Technical resistance levels: 1.4414 1.4500 1.4579
Technical support levels: 1.4323 1.4235 1.4115

Trading range: 1.4365 – 1.4430
Trend: Upward
Buy at 1.4377 SL 1.4347 TP 1.4417


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