Euro Technical Major Currencies (2010-01-08)

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Morning Report

The euro versus dollar stabilized near to support level for the ascending channel (1.4280) that organizes current trades. Momentum indicators have gained positive momentum appearing through the image above, which makes us expect a bullish intraday direction; targeting mainly 1.4500. However, we should pay attention that the breachfor the mentioned support will open a way to reverse to the downside over an intraday short term basis, in addition to the sharp mixed fluctuation that the US unemployment and wages data might case at precisely 13:30 GMT.

The trading range for today is among the key support at 1.4100 and the key resistance at 1.4565.

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

Weekly ReportSupport1.42801.42151.41751.41101.4035Resistance1.43601.44301.45101.45751.4620RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4280 targeting 1.4360 and stop loss below 1.4215, might be appropriate.

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