EUR/USD Uptrend Swing

by: Monday, January 11th, 2010

1-10-2010-5-44-42-pm
The EUR/USD has been strong on the short term intraday charts.  The 30 minute charts has been heading higher towards the 1.4450 where prices have found selling pressure since the last week of December.  Prices
are correcting setting up a swing buy at the lower line (S) of the Continuation Chanel Up pattern as the 1.4420 level offer support. Even if the EUR/USD heads lower, there will be 1.4400 support intraday.  Be cautios as the Initial Trend (T) is low and indicates a slowing uptrend.  Regardless, the placement of the pattern’s support should attract buyers near term as Asia opens.

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