Saturday, December 29, 2007

EUR/USD daily outlook

Recommended trades: Long in the 1.4615 area, stop at 1.4585, objectives at and above 1.4665. Extended objectives may aim towards 1.4700 if 1.4660 will be tested and it won't hold.

The Euro continued its recovery and climbed higher, breaking the resistance formed in the middle of the 1.45 area and established support near the 1.4600 mark. Support is now seen at 1.4590 backed by 1.4560, 1.4515 and 1.4475. Resistance starts at 1.4640 followed by 1.4660, 1.4700 and 1.4740. Bullish momentum is now seen on the daily charts and the hourly studies are positive as well. The Euro recovery is likely to continue, the pair aiming towards the mid-term resistance at 1.4740. If the said resistance will be broken, then we will start to look higher once again focusing on the all-time highs in the 1.49 area. On the other side, on a potential retracement the Euro will face support at 1.4560 which is also the 50% fib retracement of yesterday's upward move from 1.4475 to 1.4640. Although the upside is favored nowadays we must be careful on potential retracements aiming towards the first two support levels at 1.4590 and 1.4560. Current quote is 1.4635 @07:12 GMT

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