EUR/USD Technical Analysis 28 December 2009

Euro/Dollar made a rising effort last week, from the 1.4235 bottom, reaching a peak at 1.4414, where further bullish momentum was limited, closing the week at 1.4383. This fact should keep the bullish pressure on the European currency for now with next objectives towards the psychological 1.4500. Signals are expected to remain upwards, but we will look for a coherent movement above 1.4414 to confirm the upward trend continuation. As we see a double bottom in this zone from last week, on the 15 minute chart, that resistance might appear difficult to penetrate. The nearest support is 1.4323, the break of which may weaken the bulls and could lead to further weakening of the Euro towards Wednesday's bottom 1.4323. The CCI indicator is positive and quiet on the 1 hour chart, suggesting insignificant upward pressure.Technical resistance levels: 1.4414 1.4500 1.4579Technical support levels: 1.4323 1.4235 1.4115

Trading range: 1.4365 - 1.4430Trend: UpwardBuy at 1.4377 SL 1.4347 TP 1.4417

Last Wednesday we made +17 pips profit on EUR/USD from the following signal:5:38 GMT Sell EUR/USD at 1.4259 SL 1.4285 TP 1.4209 exited at 8:42 GMTTotal last Wednesday +87, as shown in details at www.zifx.com/performance.php.