Euro Technical Major Currencies (2009-12-30)

 @ibtimes
on December 30 2009 1:55 AM

Morning Report

The negative effect for momentum indicators caused the euro versus dollar to move to the downside within the rising wedge pattern, shown in the image above, after the 23.6% Fibonacci correction stance as a resistance in front of attempts to ascend. The rising wedge pattern - which is naturally bearish - makes us expect a bearish direction for today heading towards 1.4215 as a first target. It is vital that 1.4470 remain intact for these expectations to prevail.

The trading range for today is among the key support at 1.4175 and the key resistance at 1.4570.

The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.Support1.43001.42601.42151.41751.4110Resistance1.44001.44701.45001.45701.4620RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.4400 targeting 1.4300 and stop loss above 1.4470, might be appropriate.

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