Euro Technical Major Currencies (2011-01-19)

By @ibtimes on

Morning Report

The pair is trading above the neckline for the bullish technical pattern highlighted yesterday, helping the pair succeed in breaching it and thereby activating the effect of this bullish trend. We expect an upside trend targeting initially 1.3625 then 1.3700. Keep in mind the importance of stability above 1.3425 to insure that targets are not postponed. Momentum indicators are showing negative signs that will remain fluctuating around the breached level for some time.

The trading range for today is among the key support at 1.3260 and the key resistance at 1.3700.

The short term trend is to the upside as far as the daily closing is above 1.2795 remains intact with targets at 1.5135.

Previous Report

Weekly ReportSupport1.34251.33651.33101.32601.3240Resistance1.34601.35001.35701.36251.3665RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3425 targeting 1.3625 and stop loss below 1.3310, might be appropriate.

Join the Discussion