EUR/USD 1.4434 – 5 January 2010

EUR/USD Open 1.4426 High 1.4473 Low 1.4258 Close 1.4410
Euro/Dollar tried to descend on Monday, reaching a bottom at 1.4258, from where it started climbing to the 1.4446 top, closing the day at 1.4410. The currency couple is coming out of the consolidation phase and is expected to head upwards in short term. The bullish movement continued today to the top, which formed the nearest resistance 1.4473. Break above 1.4473 will be seen as a setback for the bears and may trigger further bullish momentum towards 1.4582, followed by 1.4667. Break bellow yesterday’s bottom and immediate support 1.4258 might trigger stronger bearish momentum with targets towards 1.4165, before possible test of 1.4079. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting accumulated bullish pressure.
Technical resistance levels: 1.4473 1.4582 1.4667
Technical support levels: 1.4258 1.4165 1.4079

Trading range: 1.4420 – 1.4485
Trend: Upward
Buy at 1.4434 SL 1.4404 TP 1.4474


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