EUR/USD 1.4950 – 15 October 2009

EUR/USD Open 1.4927 High 1.4960 Low 1.4840 Close 1.4926
On Wednesday Euro/Dollar made an increasing movement, reaching a peak at 1.4945 on the DJIA going above 10,000, and closed the day at 1.4926. Although short term signals are expected upwards, medium term expectations are for neutral trading as the currency pair still moves under the key 1.5000 resistance. After limiting the downward movement at the 1.4800 support, quotes rose, breaking the upper limit of the downward channel on the 1 hour chart. Next objective upwards is 1.5080. Break above this level may lead strengthen the ascending scenario towards 1.5200, followed by 1.5330. Key support level to watch is yesterday’s bottom at 1.4840. The longer the support holds, the Dollar would remain under pressure. Failing to consistently move above this zone may trigger another downward correction with potential test of 1.4725. The CCI indicator has crossed up the 100 line on the 1 hour chart, indicating ascending pressure.
Technical resistance levels: 1.4960 1.5080 1.5200
Technical support levels: 1.4840 1.4725 1.4600

Trading range: 1.4940 – 1.5000
Trend: Upward
Buy at 1.4950 SL 1.4920 TP 1.4990

Yesterday we made +19 pips profit on EUR/USD from the following signal:
5:40 GMT+1 Buy EUR/USD at 1.4887 SL 1.4861 TP 1.4937 exited at 9:04 GMT
Total yesterday +83, 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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