Euro Technical Major Currencies (2010-02-09)

The euro versus dollar continued its attempts at bullishly correcting, where the neckline for the bullish technical pattern is at 1.3715 that supports this correction. From here, we see that the expected direction for today is bullish over an intraday basis; the start will be when the mentioned neckline is breached and initially targets 1.3840. It is vital that 1.3615 remain intact to achieve these expectations.

The trading range for today is among the key support at 1.3550 and the key resistance at 1.3840.

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

Previous Report Weekly ReportSupport1.36501.36151.35501.34801.3420Resistance1.37151.37401.38001.38401.3925RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3715 targeting 1.3840 and stop loss below 1.3615, might be appropriate.