EUR/USD 1.4504 – 11 January 2010

EUR/USD Open 1.4463 High 1.4532 Low 1.4272 Close 1.4404
Euro/Dollar made a decreasing effort on Friday, reaching the 1.4272 bottom, from where it started climbing, closing the week at 1.4404. The currency pair just broke up of the 1.4229 – 1.4484 range on the 1 hour chart this morning, reaching the 1.4532 top, giving bullish signals. Maybe the market needed a fundamental catalyst to get the majors out of their quiet and hesitant range movements. Non-farm payrolls in the U.S. last week did that job only partially. Our preferable scenario for today is in favour of the bulls, showing strength since Friday. Immediate resistance is today’s top at 1.4532. The nearest support is 1.4410, break bellow which may trigger stronger bearish impulse with possible test of next objective 1.4272. The MACD indicator is very positive on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.4532 1.4627 1.4719
Technical support levels: 1.4410 1.4272 1.4165

Trading range: 1.4490 – 1.4555
Trend: Upward
Buy at 1.4504 SL 1.4474 TP 1.4544


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