EUR/USD Technical Analysis 9/9/09

Euro/Dollar made a significant upward movement with around 200 pips on Tuesday as stocks and commodities gained. On the 1 hour chart the downward channel was broken upwards, indicating potential rising perspectives, but lack of trading volume may also lead to a false break, so be aware for another possible weakening of the European currency. Signals remain rising in the short term. If the nearest 1.4530 resistance is penetrated, climbing may gather stronger momentum with next objectives 1.4645 and 1.4770. Immediate support is yesterday's bottom at 1.4330. The CCI indicator is neutral on the 1 hour chart, suggesting calm movements.
Technical resistance levels: 1.4530 1.4645 1.4770
Technical support levels: 1.4330 1.4220 1.4095

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