EUR/USD 1.4481 – 13 January 2010

EUR/USD Open 1.4473 High 1.4549 Low 1.4458 Close 1.4488
After the break up of the 1.4229 – 1.4484 range on Monday Euro/Dollar traded quietly on Tuesday within around 90 pips range. We will be looking for convincing break above Monday’s top and nearest resistance at 1,4549 to confirm the up trend with targets towards 1.4634 before possible test of 1.4722. Immediate support is yesterday’s bottom at 1.4458. Penetration bellow this level may shake the bullish outlook and weaken the European currency further towards 1.4372. We will also expect any fundamental catalyst, which may give us better idea of the Euro’s next movements. Tight trading limitations are recommended. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.4549 1.4634 1.4722
Technical support levels: 1.4458 1.4372 1.4265

Trading range: 1.4470 – 1.4935
Trend: Upward
Buy at 1.4481 SL 1.4451 TP 1.4921


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