EUR/USD 1.4445 – 15 January 2010

EUR/USD Open 1.4497 High 1.4552 Low 1.4406 Close 1.4498
Euro/Dollar started correcting downwards on Thursday, as expected, from 1.4552 to 1.4409, closing the day at 1.4498. The ascending movement on Wednesday was limited at 1.4574 resistance, and we will be looking for convincing break up of that level to confirm the continuation of the bullish perspective, with objectives towards 1.4664. But the upward scenario is shaken by the inability of the quotes to remain above the key support level 1.4455. The currency couple broke down to the 1.4406 bottom, which currently is the nearest support. Any break bellow it could potentially threaten the bullish outlook and may trigger further bearish impulse with possible test of 1.4322. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 1.4552 1.4664 1.4758
Technical support levels: 1.4406 1.4322 1.4235

Trading range: 1.4455 – 1.4395
Trend: Downward
Sell at 1.4445 SL 1.4475 TP 1.4405


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