Euro Technical Major Currencies (2010-02-12)

The pair managed to close below 1.3745 to support achieving the sharp descend from yesterday, due to effects from the bearish technical pattern, shown above, where the bullish targets have been achieved. From the minor image, we find that the four hour closing candles above the breached neckline; therefore reviving hopes to return to the bullish intraday that supported by positive signs appearing through momentum indicators. From here, we expect a bullish direction while keeping an eye on the pair throughout the morning session to insure the upcoming the next direction in a more precise way. The current candle will close below 1.3675 that pressures the price to descend towards the bottom achieved yesterday, where the close above this level will maintain chances of a bullish direction intact.

The trading range for today is among the key support at 1.3485 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 ReportSupport1.36501.35851.35501.34801.3420Resistance1.36751.37451.38101.38401.3920RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.