EUR/USD 1.4354 – 29 December 2009

EUR/USD Open 1.4373 High 1.4412 Low 1.4352 Close 1.4379
Euro/Dollar failed to break the key resistance 1.4412 yesterday, and dropped back down to 1.4352. Traders may collect their earnings tomorrow by closing their positions before the long New Year weekend, therefore we might see further decline in the Euro on 30 and 31 December, despite the returning of the risk appetite to the market. Further drop to 1.4235 is possible. Break at this psychological level may trigger further bearish momentum towards 1.4115. Immediate resistance is the downward trend line that is passing at 1.4412. If this level is broken up, we can expect ascending continuation. Strengthening above 1.4412 will signal for the growth of the currency couple. The CCI indicator is positive on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 1.4412 1.4500 1.4579
Technical support levels: 1.4352 1.4235 1.4115

Trading range: 1.4340 – 1.4405
Trend: Upward
Buy at 1.4354 SL 1.4324 TP 1.4394


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