EUR/USD 1.4385 – 19 January 2010

EUR/USD Open 1.4398 High 1.4507 Low 1.4335 Close 1.4381
Euro/Dollar traded within a tight range on Monday. The downward trend in favor of the Dollar, however, was limited at the 1.4335 support level, from where the European currency started recovering. Convincing break above the nearest 1.4434 resistance may strengthen the Euro further, with technical objectives towards 1.4552 and 1.4664. But quotes also remain below the EMA 20 and 50, which assumes possible downward movement in the short term. Going bellow the above 2 moving averages would also confirm the possible strengthening of the bears. MACD, RSI and CCI are neutral on the 1 hour chart, leaning positive and negative, giving mixed signals.
Technical resistance levels: 1.4434 1.4552 1.4664
Technical support levels: 1.4335 1.4239 1.4150

Trading range: 1.4375 – 1.4435
Trend: Upward
Buy at 1.4385 SL 1.4355 TP 1.4425

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