Quote of the day: A good plan today is better than a perfect plan tomorrow. - George Patton

EURUSD

Trading strategy: short at 1.3990, stop at 1.4040(1% risk), 1st objective at 1.3940, 2nd objective at 1.3890

The falling trendline coming from 1.4300 of January 7th through 1.4030 of January 21th is currently seen around 1.3850 where the euro found a temporary support. If current recovery will extend higher, then resistance may come in focus around 1.3950, followed by 1.4030/50 and 1.4130, eventually. Maybe 1.4130 is located a bit too high, considering the selling pressure in the last two weeks. On a short-term basis, the daily sentiment remains bearish while below 1.4130 which is the first bullish 'optimistic' confirmation to look for in case of a recovery, notable barriers being formed higher as well, at 1.4200/15 and 1.4300. Intra-day studies should turn positive above 1.3900, thus favoring some risky buying. On the lower zone, support starts at 1.3850, backed by 1.3800 and 1.3750. Selling into rallies remains the preferred scenario for now. Current exchange rate is 1.3890 @07:10 GMT

Support: 1.3850, 1.3800 and 1.3750
Resistance: 1.3900, 1.3950, 1.4030/50 and 1.4130/50
Market sentiment: long term - bullish, medium term - slightly bullish, short term - bearish, intra-day - slightly bullish

EURUSD
EURUSD 4hrs chart 2-1-2010

NZDUSD

Trading strategy: small short at .7090, stop at .7140(0.5% risk), 1st objective at .7050, 2nd objective at .7000

the .7000 mark is under pressure but provides intra-day support for now. If it breaks - then the 1.6850/70 should be the next bearish objective. In case of a pullback, recent top side around the .7100 handle should provide resistance. Short term momentum studies are negative and there's a long way until reaching levels that would switch sentiment - such as .7200 and .7300. Current exchange rate is .7020 @07:10 GMT

Support: .7000, .6970, .6900 and .6850/70
Resistance: .7080/00, .7150/60, .7200/05 and .7230/50
Market sentiment: long term - bullish, medium term - bullish, short term - bearish, intra-day - slightly bullish

NZDUSD
NZDUSD 4hrs chart 2-1-2010

Have a great week!