EUR/USD analysis of the week (4h candlesticks)

By IBTimes Staff Reporter | January 05 2010 5:06 AM

The parity EUR/USD found support on its last relative lowest at 1.4273. Then, a bullish rally occurend, allowing the price to break out the resistance at 1.44. The price is currently testing its highest of december 29 at 1.4458. A break out of this level will confirm the buy signal given by the break out of 1.44.However, the parity is currently making up and down movements without any real trend. So, we will advise to wait the break out of 1.4458 to trade only long positions. 1.44 should now act as support. A pullback on this level just occured. If 1.44 get back as resistance, the buy signal will be invalidate. We will then stay neutral on the parity as far as the parity will be between 1.43 and 1.44.

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