EUR/USD 1.4210 – 20 January 2010

EUR/USD Open 1.4281 High 1.4412 Low 1.4166 Close 1.4287
On Tuesday Euro/Dollar volatility increased, as the currency couple started dropping from the 1.4412 top to 1.4257, closing the day at 1.4287. The bearish movement of the currency couple continued this morning, limited for now by the 1.4150 support level. Convincing break bellow it may give stronger descending impulse for the Euro, with targets towards 1.4059, followed by 1.3971. The nearest resistance is represented by the 1.4304 level. Further appreciation above yesterday’s top 1.4412 would signal for continuation of the downward channel seen on the daily chart. Currently quotes are moving bellow the 20 and 50 EMA. MACD indicator shown decreasing of values, while RSI and CCI indications are neutral, leaning upwards. Overall, indicators bring mixed signals.
Technical resistance levels: 1.4304 1.4412 1.4500
Technical support levels: 1.4150 1.4059 1.3971

Trading range: 1.4220 – 1.4160
Trend: Downward
Sell at 1.4210 SL 1.4240 TP 1.4170

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