Euro Technical Major Currencies (2010-01-11)

The euro versus dollarinclinedsharply after building a base on support for the general direction that is currently at 1.4265, where it is currently facing pivotal resistance at 1.4545 - MA 100 -. Momentum indicators are showing overbought signs that will make us witness some sideway fluctuation this week, with some bearish slant gaining positive momentum that supports the bullish short term direction's continuation. From here, we expect a bullish short term direction for this week; where its main targets start at 1.4750 and then 1.4960. Keep in mind that the daily close must remain above 1.4265 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.4115 and the key resistance at 1.4960.

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

Previous day ReportSupport1.44101.43301.42651.41751.4115Resistance1.45451.46801.47501.48001.4860RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4410 targeting 1.4680 and stop loss below 1.4265, might be appropriate.