EUR/USD 1.4823 – 28 October 2009

EUR/USD Open 1.4822 High 1.4921 Low 1.4770 Close 1.4810
After the sharp drop on Monday, yesterday Euro/Dollar continued descending insignificantly with around 150 pips. If the currency pair gets consistent movements above yesterday’s top 1.4920, the trend may still get into the previous upward channel. However, there is also a downward divergence of CCI indicator on the 3 hour chart, which may trigger downward movements. Technical indicators support descending scenario. Existing downward pressure makes the European currency tests the lower limit of the upward channel, which is a key support at yesterday’s bottom 1.4770.Break down of it may lead to further bearish extension toward the 1.4650 and 1.4510 targets. The CCI indicator is neutral on the 1 hour chart, indicating calm market.
Technical resistance levels: 1.4920 1.5050 1.5175
Technical support levels: 1.4770 1.4650 1.4510

Trading range: 1.4835 – 1.4770
Trend: Downward
Sell at 1.4823 SL 1.4853 TP 1.4783

Yesterday we made +38 pips profit on EUR/USD from the following signal:
5:36 GMT+1 Buy EUR/USD at 1.4888 SL 1.4862 TP 1.4938 exited at 6:58 GMT
Total yesterday +116, 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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