EUR/USD: Currency in Play for Next 24 Hours

The currency in play for Monday of the upcoming week will be EUR/USD based on German Current Account and Trade Balance being released at 7:00GMT or 2:00AM EST. After a massive downtrend which has been in place since late last year, the pair seems oversold and entering the Range Trading Zone which we determine using Bollinger Bands. Since the beginning of the year, the pair formulated a downward slopping triangle, which proved to be effective numerous amount of times. The pair is on the verge of breaking the triangle upon moving past its first resistance which is at a psychological level of 1.3000. If the resistance of the upper line of the triangle is negated the next level of resistance will be 1.3180, which is a 78.6% retracement of December high and this year’s low. Nevertheless, the pair may establish another leg of downtrend if support is broken at 1.2705 which is a 2009 low for the pair.

Technical Analysis, Thursday 29 January 2009

Date: 2009/01/28 Time: 21:36 (GMT +2) Ticker: EUR Last: 1.312 Pivot: 1.321
1st sup. 1.304 2nd sup. 1.2975 3rd sup. 1.29
1st res. 1.321 2nd res. 1.333 3rd res. 1.345
Title: EUR/USD intraday: turning down.
Summary: Update on supports and resistances.
Story: Pivot: 1.321 Our preference: Short positions below 1.321 with targets @ 1.304 & 1.2975 in extension. Alternative scenario: Above 1.321 look for further upside with 1.333 & 1.345 as targets. Comments: as long as 1.321 is resistance, likely decline to 1.304.

Technical Analysis, Monday 29 Dec 2008

Ticker: EUR
Last: 1.4188
Pivot: 1.4075
1st sup. 1.4075
2nd sup. 1.395
3rd sup. 1.39
1st res. 1.43
2nd res. 1.4405
3rd res. 1.45

Title: EUR/USD intraday: supported by a rising trend line.
Summary: Update on supports and resistances.
Story: Pivot: 1.4075.
Our Preference: LONG positions above 1.4075 with 1.43 & 1.4405 in sight.
Alternative scenario: The downside penetration of 1.4075 will call for a slide towards 1.395 & 1.39.
Comment: the pair is supported by a rising trend line, the RSI is on the upside.
Trend: ST Ltd Downside; MT Range
Key levels Comment

1.45** Intraday resistance
1.4405** Intraday resistance
1.43** Intraday resistance
1.4188 Last
1.4075** Intraday pivot point
1.395** Intraday support
1.39** Intraday support

Technical Analysis, Wednesday 23 Dec 2008

Time:	21:32 (GMT +2)
Ticker:	EUR
Last:	1.396
Pivot:	1.403
1st sup.	1.391
2nd sup.	1.3825
3rd sup.	1.375
1st res.	1.403
2nd res.	1.4125
3rd res.	1.42

Title:	EUR/USD intraday: consolidation.
Summary:	Update on supports and resistances.
Story:	Pivot: 1.403 Our preference: Short positions below 1.403 with targets @ 1.391 & 1.3825 in extension. Alternative scenario: Above 1.403 look for further upside with 1.4125 & 1.42 as targets. Comments: the pair and its intraday RSI remain on the downside.

Technical Analysis, Tuesday 23 Dec 2008

Date:	2008/12/22
Time:	21:37 (GMT +2)
Ticker:	EUR
Last:	1.395
Pivot:	1.4025
1st sup.	1.3825
2nd sup.	1.375
3rd sup.	1.3635
1st res.	1.4025
2nd res.	1.4125
3rd res.	1.42

Title:	EUR/USD intraday: consolidation.
Summary:	Update on supports and resistances.
Story:	Pivot: 1.4025 Our preference: Short positions below 1.4025 with targets @ 1.3825 & 1.375 in extension. Alternative scenario: Above 1.4025 look for further upside with 1.4125 & 1.42 as targets. Comments: the RSI is bearish and calls for further decline.