EUR/USD 1.4703 – 6 October 2009

EUR/USD Open 1.4648 High 1.4718 Low 1.4581 Close 1.4647
Euro/Dollar made a moderately increasing movement on Monday. The currency couple attempted to rise, reaching a peak at 1.4667, where the bullish impulse was limited, and the currency pair closed the day at 1.4647. On the 3 hour chart the descending channel was broken upwards, and the upper limit now plays a good support line, limiting the bearish pressure. Therefore, after the insignificant downward correction, continuation of the bullish scenario would not be unexpected. Signals are expected to be rising for now with targets towards 1.4840. Break above that level may trigger stronger impulse with potential test of 1.4950. Immediate support is yesterday’s bottom 1.4580, the break of which may shake again the current rising trend. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.4720 1.4840 1.4950
Technical support levels: 1.4580 1.4465 1.4330

Trading range: 1.4690 – 1.4755
Trend: Upward
Buy at 1.4703 SL 1.4673 TP 1.4743

Yesterday we made +41 pips profit on EUR/USD from the following signal:
7:31 GMT+1 Sell EUR/USD at 1.4656 SL 1.4682 TP 1.4606 exited at 8:01 GMT
Total yesterday +153, as shown in details here.


Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.

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