EUR/USD 1.3782 – 11 February 2010

EUR/USD Open 1.3750 High 1.3808 Low 1.3680 Close 1.3736
Euro/Dollar is rising this week, reaching the psychological 1.3836 resistance level on Tuesday. Yesterday the currency couple pulled back down to 1.3680, from where started ascending, closing the day at 1.3736. The general trend on the 1 hour chart remains in favour of the Dollar. If the above resistance is convincingly broken up, we may see stronger bullish impulse towards next target 1.3919. Immediate support for the currency couple is yesterday’s bottom at 1.3680. If that level is penetrated downwards, the bearish movement may continue within the descending channel, as seen on the 1 hour chart, towards next objective 1.3591. Today at 7:00 GMT economic data for the German GDP is coming, which may bring volatility to the market. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating possible deeper upward adjustment. The values of RSI is strongly rising, while MACD and CCI are positive and calm on the 1 hour chart, giving overall bullish signals.
Technical resistance levels: 1.3836 1.3919 1.4017
Technical support levels: 1.3680 1.3591 1.3500

Trading range: 1.3770 – 1.38355
Trend: Upward
Buy at 1.3782 SL 1.3752 TP 1.3822

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