EUR/USD 1.5022 – 23 October 2009

EUR/USD Open 1.5029 High 1.5058 Low 1.4948 Close 1.5027
On Thursday Euro/Dollar made insignificant ascending movement with just over 100 pips. The currency couple tried to drop, reaching a bottom at 1.4948, from where it started ascending up to the 1.5058 top, closing the day at 1.5027. On the 3 hour chart unconvincing break up of 1.5000 led to significant downward correction. The 1.4840 level at the bottom line of the bullish channel is a key support at this stage. While the European currency stays above it, bullish scenario is expected to remain intact. Break bellow 1.4840 may deepen the correction further down towards 1.4720, and may shake the the bullish channel. Our expectations are for neutral trading in the short term, not excluding possible adjustment downward, with preferable bullish scenario. The CCI indicator is about to cross up the 100 line on the 1 hour chart, indicating ascending pressure.
Technical resistance levels: 1.5050 1.5170 1.5300
Technical support levels: 1.4890 1.4765 1.4640

Trading range: 1.5010 – 1.5075
Trend: Upward
Buy at 1.5022 SL 1.4992 TP 1.5062

Yesterday we made +25 pips profit on EUR/USD from the following signal:
5:38 GMT+1 Buy EUR/USD at 1.4987 SL 1.4961 TP 1.5037 exited at 6:24 GMT
Total yesterday +114, 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.

Written by