Week of January 6, 2010

EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.4094 will complete this rise while the October 23, 2009 high of 1.4843 holds. A daily open and close below 1.4095 will see prices continue to move lower within a 1.3633-1.4095 consolidation zone before another attempt to the upside. As to EURUSD”s fall from yesterday’s 1.4483 high, this wave remains active as ONLY a 1 hour openand close above 1.4362 will complete this fall with prices then subsequently moving within a 1.4362-1.4408 consolidation zone before another attempt down. For the session ahead, sell EURUSD at 1.4360, stop loss above 1.4405 for 1.4250 target.