14 --> 18 gennaio

EUR/USD (last 1.4806) may consolidate with a positive bias this week. Both the daily MACD and stochastic indicators are bullish, but the latter is at the overbought level, which suggests steady or higher EUR/USD trading in the near term. Immediate resistance is at the Jan. 4 high of 1.4824. A breach of this level would expose the upside to the record high of 1.4968 hit on Nov. 23, followed by the psychological 1.5000 level. Initial support is at Thursday's reaction low of 1.4638, which is near the 55-day moving average, followed by the Dec. 31 reaction low of 1.4568. EUR/USD medium-term outlook is consolidative as long as it stays within the range bounded by the Dec. 20 low of 1.4308 and the November high of 1.4968. A close this week above 1.4968 would expose the upside to the measured target of 1.5628 in coming weeks.

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