EUR/USD 1.4879 – 27 October 2009

EUR/USD Open 1.4855 High 1.5059 Low 1.4948 Close 1.4870
On Monday Euro/dollar climbed to the 1,5059 top, than collapsed to the 1.4846 bottom, as expected, where the bears are limited for now, and the currency couple closed the day at 1.4870. The upward impulse may be renewed, and the downward correction may be over for now, if the European currency breaks yesterday’s top and first resistance at 1.5060. The ascending channel on a 3 hour chart is still clear and quotes are moving perfectly inside the channel, with the lower limit, providing good support at yesterday’s bottom at 1.4950. Our preferable scenario for now is bullish and signals are expected to continue rising in the short term towards the 1.5170, followed by the 1.5300 objectives. The CCI indicator is about has crossed up the 100 line on the 1 hour chart, indicating ascending pressure.
Technical resistance levels: 1.5060 1.5170 1.5300
Technical support levels: 1.4950 1.4835 1.4700

Trading range: 1.4865 – 1.4930
Trend: Upward
Buy at 1.4879 SL 1.4849 TP 1.4919

Yesterday we made +24 pips profit on EUR/USD from the following signal:
5:45 GMT+1 Buy EUR/USD at 1.5022 SL 1.4996 TP 1.5072 exited at 6:24 GMT
Total yesterday +113, 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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