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The Trend of the Day - EUR/USD

The Trend of the Day - EUR/USD

Gregory McLeod, Currency Analyst

However, the lumps of coal that Santa gave the Euro may turn into diamonds in the coming sessions as a the daily Stochastics Oscillator, an indicator used to identify when a currency pair is overbought or oversold has just given a buy signal.

Look to either buy the 2-pip break above the recent December 29th high of 1.4457 with a stop placed 10 pips below the 4-hour low of 1.4269 that was made on January 4th or enter at market.

Look to target the 1.4950 area which is the 78.6% Fibonacci resistance level of the 11/25 swing high (1.5143) to the 12/22/09 low (1.4217).

euro 1.04.2010

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.