EUR/USD 1.3895 – 4 February 2010

UR/USD Open 1.3901 High 1.4024 Low 1.3868 Close 1.3892
Euro/Dollar started climbing from the beginning of this week, after significant decrease from 12 January. On Thursday rising continued from 1.3948 to 1.4024, from where the currency couple collapsed down to 1.3884, closing the day at 1.3892. If the nearest resistance at 1.4024 is broken upwards, the newly formed bullish channel may continue taking shape with next targets towards 1.4113. On the 1 hour chart the downward channel is broken up, which signals for potential trend change. Significant break bellow Monday’s bottom at 1.3857 may bring movements back into the downward channel. Prices are currently again bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish perspective. The values of RSI and RSI indicators are neutral and rising, while MACD is neutral, giving overall mixed signals.
Technical resistance levels: 1.4024 1.4113 1.4200
Technical support levels: 1.3868 1.3766 1.3670

Trading range: 1.3905 – 1.3845
Trend: Downward
Sell at 1.3895 SL 1.3925 TP 1.3855

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