EUR/USD 1.3757 – 10 February 2010

EUR/USD Open 1.3780 High 1.3835 Low 1.3643 Close 1.3794
Euro/Dollar is consolidating this week within the 1.3624 – 1.3835 range, after the huge descend last week. Yesterday the Euro rose to the 1.3835 top, closing the day at 1.3794. The general trend on the 1 hour chart remains in favour of the Dollar. Immediate support for the currency couple is Monday’s bottom at 1.3624. If that level is convincingly broken downwards, the bearish momentum is expected to continue towards next objective 1.3531. Because of some strong economic data, coming in favour of the Euro, further upward correction should not come unexpected, and if we see break out of the downward channel, at around 1.3835, trend change may occur, and deeper Euro recovery may be expected. Quotes are moving above the 50 and bellow the 20 EMA on the 1 hour chart, indicating possible deeper upward adjustment. The values of RSI and MACD indicators are neutral leaning downwards, while CCI is negative and leaning downwards on the 1 hour chart, giving overall bearish signals.
Technical resistance levels: 1.3835 1.3919 1.4017
Technical support levels: 1.3624 1.3531 1.3440

Trading range: 1.3770 – 1.3705
Trend: Downward
Sell at 1.3757 SL 1.3787 TP 1.3717

Written by