Weekly Report18 -22 / 1 / 2010

Thecluster resistance levels appeared to be around 1.4565; strongly resisting again the euro versus dollar's volatile attempts to achieve more ascend like last year - meeting point between 38.2% Fibonacci for the last descending wave with the MA 100 today -. The pair is still trading above the bullish short term support level - 1.4290- worth momentum indicators close to entering oversold areas that make us expect a bullish short term direction for this week; targeting mainly 1.4625 and then the breach of more ascending towards 1.4785. Chances of achieving these targets will prevail as long as 1.4290 remains intact.

The trading range for today is among the key support at 1.4005 and the key resistance at 1.4785.

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

Previous day Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.4290 targeting 1.4535 and stop loss below 1.4170, might be appropriate.