EUR/USD 1.4131 – 22 January 2010

EUR/USD Open 1.4092 High 1.4145 Low 1.4034 Close 1.4085
Euro/Dollar traded hesitantly on Thursday within the 1.4145 – 1.4034 range, closing the day at 1.4085. The currency couple moved close to the key support level at 1.4034, and if that level is convincingly penetrated downwards, our expectations are for the bearish scenario to continue, with targets towards the psychological 1.3961 support level. Going bellow that zone may trigger stronger decreasing impulse towards next objective 1.3869, but that may occur early next week. In upward direction the nearest resistance is yesterday’s top at 1.4145. As quotes are are currently just above the 20 and 50 EMA, an upward movement should not come unexpected. The CCI and MACD indicators are neutral and leaning upwards, and the RSI is positive, giving mixed signals for neutral and possible bullish pressure.
Technical resistance levels: 1.4145 1.4236 1.4331
Technical support levels: 1.4034 1.3961 1.3869

Trading range: 1.4145 – 1.4080
Trend: Downward
Sell at 1.4131 SL 1.4161 TP 1.4091

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