EUR/USD 1.4848 – 30 October 2009

EUR/USD Open 1.4837 High 1.4857 Low 1.4690 Close 1.4835
On Thursday Euro/Dollar made a significant ascending movement, breaking up the important resistance 1.4815 level, reached a top at 1.4857, and closed the day at 1.4835. This may open possibility for further bullish impulse towards next objective 1.5000. However, as Euro is in the overbought zone, our expectations are bearish for now. Imminent support is represented by yesterday’s bottom 1.4690. Break bellow it might trigger stronger bearish movement with possible test of 1.4570, but only potentially. In the medium term, failing to hold above 1.5000 and keeping in mind that that the Euro is currently trading under 1.4850 could extend the downward scenario to least 1.4435. The CCI indicator is neutral on the 1 hour chart, indicating calm market.
Technical resistance levels: 1.4860 1.5000 1.5125
Technical support levels: 1.4690 1.4570 1.4435

Trading range: 1.4860 – 1.4795
Trend: Downward
Sell at 1.4848 SL 1.4878 TP 1.4808

Yesterday we made +27 pips profit on EUR/USD from the following signal:
5:38 GMT+1 Sell EUR/USD at 1.4729 SL 1.4755 TP 1.4679 exited at 6:47 GMT
Total yesterday +94, 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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