EUR/USD Technical Analysis 2 June 2009

Euro/Dollar continued their rising scenario yesterday. On the 4 hour chart it is seen how after the break up of the key resistance at 1.4170, the currency couple reached a peak at 1.4242 and closed at 1.4159. Short term signals are ascending with targets towards 1.4300. However a strong resistance appears at the 49.98% Fibonacci of the 1.2340 - 1.6025 range, at 1.4245. Break above this level may trigger further bullish impulse towards 1.4375. The CCI indicator, however, is in the overbought zone and downwards on the 4 hour chart, assuming potential decreasing rebound with testing of the 1.4100 support.
Technical resistance levels: 1.4245 1.4375 1.4500
Technical support levels: 1.4100 1.3980 1.3865