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1.485
1.48
1.475
1.47
1.465
1.46
1.455
1.45
1.445
1.44
1.435
1.43
1.425
1.42
21Sep09 28Sep 05Oct 12Oct 19Oct 26Oct 02Nov 09Nov 16Nov 23Nov 30Nov 07Dec 14Dec 21Dec 28Dec 04Jan 11Jan 18Jan 25Jan 01Feb 08Feb 15Feb
Comment: Consolidating neatly just above new recent highs, the upside currently limited by the 26-day
moving average. Momentum is bullish and the Euro is not overbought. Price action over the last four days can be
seen as a ‘pennant’ suggesting another burst higher this week with a measured target of at least 1.4720, maybe
1.4825.
Strategy: Buy at 1.4500, adding to 1.4455; stop well below 1.4400. Short term target 1.4550, then 1.4800.
Chart Levels:
Support Resistance Direction of Trade
1.4480 1.4546
1.4453 1.4557/1.4573*
1.4400* 1.4600
1.4300 1.4680
1.4255 1.4800*