Euro Technical Major Currencies (2010-02-04)

The euro versus dollar revived the bearish trend pace after touching resistance for the descending channel, shown in the image above, where it met with the MA 50. the pair is currently facing the pivotal support at 1.3860, where we expect it to continue the negative pressure to breach this level and pave the way to achieve the bearish intraday direction; targeting 1.3770 - 1.3735 and requires 1.4000 to essentially remain intact.

The trading range for today is among the key support at 1.3735 and the key resistance at 1.4055.

The general trend is to the upside as far as 1.3480 remains intact with targets at 1.6000.

Weekly ReportPrevious ReportSupport1.38601.38001.37701.37351.3670Resistance1.39251.39701.40001.40551.4080RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.3860 targeting 1.3735 and stop loss above 1.3925, might be appropriate.