Euro Technical Major Currencies (2010-01-06)

The resistance level for the minorascending channel that organizes current intraday trades forced the euro versus dollar to achieve a normal descend, according to trading principles within price channels; thereby carrying the pair to descend towards support levels for this channel at 1.4270. Momentum indicators are showing positive signs that make us expect a bullish intraday direction that will build its base on mentioned support and its initially targeting 1.4500, which requires 1.4215 to remain intact for chances to prevail.

The trading range for today is among the key support at 1.4215 and the key resistance at 1.4500.

The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.

Weekly ReportSupport1.42701.42151.41751.41101.4035Resistance1.43801.44301.45001.45751.4620RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4270 targeting 1.4430 and stop loss below 1.4215, might be appropriate.