Euro Technical Major Currencies (2011-01-27)

By @ibtimes on

Morning Report

Trading is still trapped between the main resistance at 1.3715 and the intraday support which currently ascended to 1.3685; this pressure signals that the pair will breakout strongly out of either levels. The effect of the completed bullish patter with the breach of 1.3425 remains valid and the intraday bullishness will prevail for today which is attaining further support from the SMA 50; though stability below 1.3685 will delay this scenario.

The trading range for today is among the major support at 1.3540 and the major resistance at 1.3900.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly ReportSupport1.36851.36251.35801.35401.3500Resistance1.37151.37601.38301.38651.3900RecommendationBased on the charts and explanations above our opinion is buying the pair with hourly closing above 1.3715 targeting 1.3900 and stop loss below 1.3625 might be appropriate

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